Wall Street Closes Higher as Treasury Yields Decline

Major stock indices on Wall Street rose today, Friday, as U.S. Treasury yields sharply decreased following data indicating signs of a slowdown in job growth in the United States and rising unemployment, which bolstered hopes that the Federal Reserve may end its monetary tightening campaign. The Labor Department's report showed an increase of 150,000 non-farm jobs in October, significantly below the expected increase of 180,000 jobs, partly due to strikes by workers at the three major Detroit automakers. September's data was revised downward to show an availability of 297,000 jobs instead of the previously reported 336,000. According to preliminary data, the S&P 500 index rose by 40.38 points, or 0.94 percent, to 4,358.16 points. The Nasdaq Composite gained 184.09 points or 1.38 percent to 13,477.23 points. The Dow Jones Industrial Average increased by 220.20 points or 0.65 percent to 34,059.28 points.