Stock Market Rallies After Better-Than-Expected Jobs Report

By: CBS
By: CBS
The latest jobs numbers are in, and they

AP

Stocks shot up after the opening bell and the Dow made history, crossing the 15,000 mark for the first time ever. April's better-than-expected jobs report fueled the rally. It shows the economy added 165,000 new jobs last month.

The Labor Department also re-crunched the March and February numbers and found they were much better than first thought.

That helped push down the unemployment rate from 7.6 to 7.5 percent, the lowest number in four years.

Wall Street traders say its a sign the economy is headed in the right direction.

"We've all come to the conclusion that we are moving forward but slowly, and slowly doesn't seem to be too much of a concern anymore as long as we're going in the right direction," said trader Doreen Mogavero.

There were job gains in a number of industries. Restaurants and hotels added 45,000 new jobs. That shows business is improving, and Americans are willing to spend more.

And the long-term unemployed are finding work. That could be good news for Anna Magoula.

"it's been very tough."

She lost her job at Lehman Brothers in 2008 when the financial giant collapsed and has only been able to get part-time work ever since. She continues to attend job fairs, hoping to find a full-time position.

"it looks like there's opportunities coming up um but until I get results I'm not going to be as hopeful."

The economy has added more than 600,000 new jobs this year, and the Dow has jumped nearly 2000 points.


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