Wall Street posts best week since early 2003

MICHAEL J. MARTINEZ, AP Business Writer
Friday, November 5, 2004

Wall Street extended its rally for a ninth straight session Friday and posted its best week in more than a year and a half amid optimism that the economy may be finally turning around.

The Dow Jones industrial average rose 72.78 to 10,387.54, the highest close since June 30. For the week, the Dow gained 3.59 percent -- its best week since March of 2003.

The Labor Department reported Friday that 337,000 jobs were created in October -- nearly double what Wall Street expected. The strength of the figures allowed investors to overlook an unexpected jump in the unemployment rate to 5.5 percent, up from 5.4 percent in September.

However, some investors feared that the increase in wages flowing into the economy could trigger inflation. That prompted a selloff on the bond market.

The Nasdaq gained 15.31, or 0.8 percent, to close at 2,038.94, its best finish since June 30.

The Standard & Poor's 500 index was up 4.50 at 1,166.17, surpassing Thursday's mark, which had been the highest close for the index since March 19, 2002.

The Dow has been up in eight of the last nine sessions, while the S&P 500 and Nasdaq enjoyed nine straight gains, buoyed by lower oil prices, President Bush's election victory and the jobs report.

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