WASHINGTON (dpa-AFX) - Stocks gave back some ground after an early surge but continued to turn in a strong performance throughout the trading session on Friday. The major averages all moved to the upside, adding to the modest gains posted during Thursday's session.
The major averages ended the day well off their highs of the session but still firmly positive. The Nasdaq jumped 319.27 points or 1.2 percent to 27,190.86, the S&P 500 advanced 56.27 points or 0.7 percent to 7,722.72 and the Dow climbed 250.40 points or 0.5 percent to 51,176.96.
For the week, the major averages turned in a mixed performance. While the Nasdaq rose by 0.5 percent, the S&P 500 fell by 0.3 percent and the Dow slumped by 1.3 percent.
The early rally on Wall Street came following the release of a closely watched Labor Department report showing much weaker-than-expected job growth in the month of September.
The report said non-farm payroll employment rose by 29,000 jobs in September after jumping by a downwardly revised 133,000 jobs in August, while economists had expected employment to increase by 85,000 jobs.
The Labor Department also said the unemployment rate ticked up to 4.2 percent in September from 4.1 percent in August. Economists had expected the unemployment rate to remain unchanged.
While the data may raise some concerns about the strength of the economy, the release also contributed to a steep drop by treasury yields.
The weaker than expected jobs data was seen as reducing the likelihood that the Federal Reserve will once again raise interest rates at its next meeting later this month.
While treasury yields showed a significant turnaround as the day progressed, stocks largely held onto the early gains due in part to a steep drop by the price of crude oil.
Crude oil prices are well off their lows of the session but have slumped by 1.5 percent after the Group of Seven nations confirmed plans to release diesel and crude reserves.
Sector News
Semiconductor stocks showed a substantial move to the upside on the day, driving the Philadelphia Semiconductor Index up by 2.4 percent to a three-month closing high.
Considerable strength was also visible among networking stocks, as reflected by the 2.2 percent surge by the NYSE Arca Networking Index.
Transportation and computer hardware stocks also saw significant strength, while airline stocks came under pressure over the course of the session.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance on Friday. Hong Kong's Hang Seng Index plunged by 2.6 percent and Japan's Nikkei 225 Index slid by 0.9 percent, while Australia's S&P/ASX 200 Index advanced by 0.8 percent.
Meanwhile, the major European markets all moved to the upside on the day. While the German DAX Index jumped by 1.2 percent, the French CAC 40 Index climbed by 0.8 percent and the U.K.'s FTSE 100 Index rose by 0.3 percent.
In the bond market, treasuries saw a significant downturn over the course of the session after an early rally. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, has climbed 4.3 basis points to 5.285 percent after hitting a low of 5.160 percent.
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