Fri, May 07, 2010
Business > Markets

US stocks stabilize after wild day, edge higher

2010-05-07 13:50:39 GMT2010-05-07 21:50:39 (Beijing Time)  SINA.com

Stocks edged higher in early trading, finding stability after one of the most turbulent days in the market's history.

A strong report on jobs reassured investors that the economy is recovering.

The Labor Department reports employers added 290,000 jobs last month, more than expected. However the jobless rate rose to 9.9 percent from 9.7 percent as more people looked for work.

In the opening minutes of trading, the Dow Jones industrial average rose 50, or 0.5 percent, to 10,570. The Standard & Poor's 500 index rose 6, or 0.5 percent, to 1,134, while the Nasdaq composite rose 8, or 0.4 percent, to 2,327.

Gaining stocks outpaced declining ones three to two on the New York Stock Exhange, where volume was 180 million shares.

(Agencies)

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