OF THE
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Wall St. opens sharply higher after strong jobs data:Such wonderful news right?
U.S. stocks rose sharply on Friday after data showed U.S. job growth rebounded and the unemployment rate dropped last month, signs of a pickup in the economy that could keep the Federal Reserve on track to hike interest rates this year.
Nonfarm payrolls increased by 223,000 in April, just below the 224,000 that economists polled by Reuters had expected.
The unemployment rate dropped from 5.5 percent to 5.4 percent, its lowest level since May 2008, despite an increase in the number of people entering the labor market.
The drop in the unemployment rate pushed it to within a whisker of the 5.0 percent to 5.2 percent range that most Fed officials consider consistent with full employment.
"I think this is exactly what the market was looking for. It's a Goldilocks number - not too strong, not too weak," said Adam Sarhan, chief executive of Sarhan Capital in New York.
March payrolls were revised to show only 85,000 jobs created, the smallest since June 2012.
Still, the solid report suggested underlying strength in the economy at the start of the second quarter after growth hit a soft patch in the first.
Comment: A picture of two sane leaders of goodwill who see - and are fighting - the encroaching darkness.