The Dow Jones Industrial Average skyrocketed Friday, following the release of the latest unemployment report from the Department of Labor.
The Dow Jones industrial average .DJI gained 139.87 points, or 1.10 percent, to 12,845.28. The S&P 500 Index .INX gained 15.98 points, or 1.21 percent, to 1,341.52. The Nasdaq Composite .IXIC gained 39.77 points, or 1.39 percent, to 2,899.45.
The latest unemployment report shows the U.S. gaining 243,000 net new jobs in January – about 100,000 more than what analysts were forecasting. With the increase in private-sector jobs, the nation’s unemployment rate dropped to 8.3% last month from 8.5% in December. The last time it was that low was February 2009.
The latest unemployment report is likely to strengthen President Obama’s chances of re-election. Recent polls show voters focused on the U.S. economy and Republican candidates have spent the past several months criticizing the Obama administration’s economic policies.
In a statement released by the White House, Mr. Obama welcomed the latest increase, adding that there is still much to be done in terms of strengthening job growth within the U.S.
“Unemployment numbers a sign that economy is getting stronger, recovery is speeding up,” said Mr. Obama.
