Investors upbeat despite jobs data

Saturday, December 6, 2008

NEW YORK — Wall Street put an upbeat spin Friday on the Labor Department's report that the nation lost more than half a million jobs last month. Stocks closed sharply higher as the data raised hopes that Washington will again step in to help the economy.

The Dow Jones industrial average traded in a 568-point range as shock dissipated over the jobs report. The advance left Wall Street with moderate losses for the week. More important, investors were able to claim victory over the course of the week after having watched the market repeatedly overcome bleak economic data.

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Investors upbeat despite jobs data

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