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Wall Street climbs after estimated job report

(Xinhua)
Updated: 2008-07-04 00:02

NEW YORK  -- US Wall Street opened higher Thursday after the US government reported that the unemployment rate held steady in June.

The Dow Jones rose 51.78 points to 11,267.29. Broader indexes also traded higher. The Standard & Poor's 500 index advanced 6.50 to 1,268.02 points; and the Nasdaq rose 5.53 to 2,256.99 points.

The US Labor Department reported that employers cut payrolls by 62,000 in June, the sixth straight month of nationwide job losses, underscoring the nation's economic weakness.

But the unemployment rate held steady at 5.5 percent, in line with previous estimates.

Investors appeared somewhat relieved that the losses weren't steeper, because consumers are likely to cut their spending if they are out of work or are nervous about losing their jobs.

Consumer spending accounts for two-thirds of US economic activity.

In addition, oil prices are still an important factor for the stock market. Light, sweet crude retreated slightly, after climbing as high as 145.85 US dollars a barrel in premarket electronic trading on the New York Mercantile Exchange, which renewed concerns about inflation.