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US markets continue to move higher despite weak jobs report
Date: 08-09-2012US markets continued their surge, with slight upmove on Friday after a big rally in last session on the back of ECBs decision. Even the disappointing jobs report was unable to impact the market mood. All three indices finished the week at fresh multi-year highs with gains of around two percent. The Labor Department reported that 96,000 jobs were added in August. The Labor Department also lowered the job creation estimates for June and July. However, the unemployment rate ticked down to 8.1% from 8.3%, but only as a result of a significant drop in the number of people looking for jobs.
The numbers are being considered important particularly to investors this month, since it will likely influence the Fed's decision on whether to announce a third round of quantitative easing, during the Federal Open Market Committee's (FOMC) policy meeting on September 12-13.
The Dow Jones industrial average gained 14.64 points, or 0.11 percent, to 13,306.64. The Standard & Poor's 500 Index was up by 5.80 points, or 0.40 percent, to 1,437.92, while the Nasdaq Composite Index was marginally higher by 0.61 points, or 0.02 percent, to 3,136.42.
Most of the Indian ADRs closed in green, HDFC Bank was up by 0.45%, ICICI Bank was up by 0.99%, Infosys was up by 1.01%, Wipro was up by 0.15% and Tata Motors was up by 1.05%.