Wall Street mainly higher as report shows modest job gains

NEW YORK, Dec 7, 2007 (AFP) - Wall Street opened mostly higher Friday as data showing moderate US job gains in November helped keep sentiment positive following a two-day rally.

In opening trades, the Dow Jones Industrial Average rose 15.12 points (0.11) to 13,635.01 while the Nasdaq composite drifted down 1.82 points (0.07 percent) to 2,702.21.

The broad-market Standard & Poor's 500 index added a fractional 0.97 points (0.06 percent) to 1,508.31.

The market was digesting two days of strong gains but got a lift in sentiment as the government reported 94,000 jobs were added in the US economy in November.

The number is consistent with cooling growth but not with a severe downturn or recession some have feared. It also may allow the Federal Reserve to continue cutting interest rates, analysts said.

"It was a perfect number for investors," said Al Goldman, market strategist at AG Edwards.

"It allows the Fed to cut at least 25 basis points (a quarter point) or 50 basis points if they want. If new jobs were very low, investors could have become more worried about the economy. If up big, hopes for a Fed cut would have been dashed."