Dow up on jobs, banks reports

NEW YORK (AP) — Investors pushed stocks higher Friday, relieved by better-than-expected jobs data and confirmation that big banks don't need as much capital as some had feared.

Bank shares led the gains following the release of the government's "stress tests" late Thursday.

Wall Street welcomed the Labor Department's report that employers cut 539,000 jobs last month - the fewest in six months and much less than the 620,000 analysts had expected. The news sent the Dow Jones industrials up as much as 143 points in early trading.

The jobs report also said the unemployment rate climbed to 8.9 percent - the highest since 1983 - from 8.5 percent as many businesses refrained from hiring amid an uncertain economic outlook.

"The news is never all good when you've hit bottom," said Alan Skrainka, chief market strategist at Edward Jones. "But that doesn't change our view that the rate of decline is slowing."

In late morning trading, the Dow rose 103.15, or 1.2 percent, to 8,513.00. The Standard & Poor's 500 index rose 10.00, or 1.1 percent, to 917.39, and the Nasdaq composite index rose 1.85, or 0.1 percent, to 1,718.09.