Wall St ends erratic week with big advance; Dow up 83 pts

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Wall St ends erratic week with big advance; Dow up 83 pts

Wall Street ended an erratic week with a big advance yesterday after the Labor Department said employers added 128,000 jobs in August, signalling that an economic slowdown might not be as severe as some have predicted. The major indexes ended the week with gains.

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Wall Street ended an erratic week with a big advance yesterday after the Labor Department said employers added 128,000 jobs in August, signalling that an economic slowdown might not be as severe as some have predicted. The major indexes ended the week with gains.

The report bolstered the view of some on Wall Street that the Federal Reserve might leave rates unchanged when it meets September 20. The Fed didn't touch rates at its August 8 meeting, interrupting a string of 17 straight increases since 2004. Some investors, who have been concerned that the economy will slow too quickly, regard prospects of further rate increases warily.
 
The Dow Jones industrial average rose 83 points, or 0.73%, to 11,464.15.

Broader stock indicators also posted gains Friday. The Standard & Poor's 500 index gained 7.19 points, or 0.55%, rising to 1,311.01, and the Nasdaq composite index rose 9.41 points, or 0.43%, to 2,193.16.

A look at how the Indian ADRs performed:

Bonds were little changed, with the yield on the benchmark 10-year Treasury note closing flat at 4.73% from late Thursday. The dollar was mixed against other major currencies, while gold prices fell.

Oil prices, which retreated earlier in the week after Tropical Storm Ernesto moved away from oil equipment in the Gulf coast, again slipped below USD 70 a barrel, in part as a U.N. deadline regarding Iran's nuclear ambitions expired without immediate consequence. Crude oil settled at USD 69.19 a barrel, down USD 1.07, on the New York Mercantile Exchange.

Wall Street had been awaiting the non-farm payroll report in a week of light but uneven trading ahead of the long Labor Day weekend. Investors are keeping tabs on the unemployment rate both as an indicator of how quickly the economy might be slowing and out of concerns over wage inflation.

The major indexes, which fluctuated intraday throughout the week as investors tussled with economic concerns, managed to end the week with respectable gains. The Dow rose 1.60%, while the S&P 500 added 1.23% and the Nasdaq gained 2.47%.

Advancing issues outnumbered decliners roughly 2 to 1 on the New York Stock Exchange, where preliminary consolidated volume came to a very light 1.83 billion shares, compared with 2.06 billion traded Thursday.