Wall Street: Friday open
STOCKS rose sharply on Friday as a surprisingly strong report on the US job market reassured investors that the economic recovery is on track.
Microsoft and Sun Microsystems led technology stocks after announcing the settlement of a long-running legal dispute between the two tech heavyweights.
The government's monthly employment report showed jobs grew at their fastest pace in nearly four years, offering comfort that the jobs market has finally made a break higher.
About 308,000 jobs were created in March, according to the Labor Department, far outstripping economists' forecasts for a gain of about 103,000.
'It is a big positive surprise that provides more conviction that the economy will gain momentum in the second half,' said Michael Metz, chief investment strategist at fund firm Oppenheimer . 'I think a good figure was in the market, but a great figure was not.'
Computer and electronics seller Gateway rose after it said on Thursday it would close its 188 stores and eliminate about 2,500 retail positions. Its shares jumped 78 cents, or 14.4%, to $6.19.
The Dow Jones industrial average was up 100.15 points, or 0.97%, at 10,473.48. The technology-focused Nasdaq Composite Index was up 36.12 points, or 1.79%, at 2,051.13.
Sun Micro jumped after it settled pending antitrust and patent litigation with Microsoft. Sun also said it would cut its staff by 3,300 jobs, or 10%, as it scales back operations. Sun Micro shares rose 49 cents to $4.69. Microsoft rose 51 cents to $25.57.
XM Satellite Radio shares leaped higher after it said on Thursday it added 320,000 subscribers in the first quarter of 2004, bringing its total subscriber roles to 1.68 million. Its shares rose $2.31 to $30.62.
