Market extends recent advance on blowout October payrolls report, economic optimism.
November 5, 2004: 9:45 AM EST
NEW YORK (CNN/Money) - A blowout October jobs report lifted stocks at the open Friday, extending the two-day rally. However, gains were limited by the market's recent impressive run.
The Nasdaq composite (up 19.30 to 2,023.63, Charts) gained around 0.6 percent in the early going. The Dow Jones industrial average (up 177.71 to 10,314.76, Charts) and the Standard & Poor's 500 (up 18.47 to 1,161.67, Charts) index posted smaller gains.
Employers added 337,000 jobs to their payrolls in October, the Labor Department reported early Friday. That was the best gain in six months and far surpassed analysts' expectations for a gain of 175,000 jobs, according to Briefing.com.
August and September's ho-hum numbers were also upwardly revised, supporting the notion that the labor market recovery is back on track.
The unemployment rate, generated by a separate survey, rose to 5.5 percent from 5.4 percent in September. Economists expected it to hold steady.
The major gauges have been in an upswing of late, with investors jumping back into stocks now that the uncertainty of the presidential election has passed, and crude oil prices seem to be stabilizing.
On Thursday, a broad rally propelled the market, pushing the S&P 500 to a 2-1/2 year high. That substantial run limited Friday's early advance.
U.S. light crude oil for December delivery inched higher early Friday, gaining 7 cents to $48.89 a barrel in electronic trading. On Thursday, crude tumbled to a five-week low.
Treasury prices slumped after the jobs report, pushing the 10-year note yield up to 4.18 percent from 4.07 percent late Thursday. Treasury prices and yields move in opposite directions.
In currency trading, the dollar was mixed versus the yen and euro.
In global trade, Asian-Pacific markets gained Friday, and European markets rose at midday.
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