Stocks rally on jobs

Stocks are rallying strongly on today’s employment data, which showed the U.S. economy added 244,000 new jobs in April.  The Dow is up about 160 points at the moment, or about 1.27% for the session.  The unemployment rate actually increased to 9% from 8.8% last month.

This optimism may be a bit premature however, since we just saw last week’s jobless claims number jump up dramatically to 474,000 people applying for first-time jobless benefits.

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