Positive jobs report brings strong gains
NEW YORK — Stocks jumped yesterday after the government's employment report showed fewer jobs were cut in February than expected. Major stock indexes climbed more than 1 percent, including the Dow Jones industrial average, which rose 122 points to add to strong gains for the week.
The Labor Department's monthly report is seen as the most important measure of the economy's health: A drop in unemployment is necessary for the economy to make a sustained rebound. The better-than-expected jobs report also helped push oil and other commodities higher on expectations that demand for resources would increase as the economy strengthens.