Newspaper article St Louis Post-Dispatch (MO)

Stocks Rise to Record Highs after Strong Jobs Report

Newspaper article St Louis Post-Dispatch (MO)

Stocks Rise to Record Highs after Strong Jobs Report

Article excerpt

NEW YORK * U.S. stocks jumped to record highs Friday after a strong jobs report for the month of July gave investors more confidence that the economy is still growing. Financial and technology stocks soared and investors sold the safe assets they have favored for most of this year.

The Labor Department said U.S. employers added 255,000 jobs in July, far more than investors expected.

Stocks made their biggest gain in almost a month. Both the S&P 500 and Nasdaq indexes closed at record highs.

"It looks like the economy is improving, it looks like corporate earnings are on the upswing," said Sam Stovall, U.S. equity strategist for S&P Capital IQ.

That marks a change from earlier this year, he said, when investors worried the U.S. would fall into a recession and tech companies would suffer as businesses cut spending. …

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