NEW YORK (MarketWatch) � U.S. stocks on Friday started a new month with strong gains after the January nonfarm payrolls report bolstered thinking that the lackluster recovery remains on track.
�This is the day we probably reach 14,000 on the Dow,� said Darrell Cronk, regional chief investment officer at Wells Fargo Private Bank.
�The primary driver is not the 157,000 new jobs, but the positive revisions to the months of November and December,� Cronk said.
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The Dow Jones Industrial Average DJIA �rose 87.24 points, or 0.6%, to 13,947.82. The blue-chip index has not reached 14,000 since October 2007.
The S&P 500 index SPX �gained 8.32 points, or 0.6%, to 1,506.43, with telecommunications leading the gains among its 10 major industry groups.
The Nasdaq Composite COMP � added 19.08 points, or 0.6%, to 3,161.21.
For every stock falling more than four rose on the New York Stock Exchange, where nearly 104 million shares traded as of 9:50 a.m. Eastern.
Ahead of Friday�s open, stock-index futures had added to gains after the government reported the U.S. economy created a smaller-than-expected 157,000 jobs in January but added more the prior two months than initially thought. The unemployment rate edged up 0.1% to 7.9%. Read: U.S. economy adds 157,000 jobs in January.
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