Stocks hold onto gains after strong jobs report

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Associated Press

Posted on July 5, 2013 at 2:00 PM

Updated Friday, Jul 5 at 3:01 PM

NEW YORK (AP) — The stock market is slightly higher after giving up early gains fueled by a strong jobs report.

The Dow Jones industrial average was up 93 points, or 0.6 percent, to 15,081 at 1 p.m. Eastern Daylight Time Friday. It rose as much as 116 points in the morning. The Standard & Poor's 500 index was up 10 points, or 0.6 percent, to 1,625. The Nasdaq composite index was up 21 points to 3,465.

The U.S. economy added 195,000 jobs in June, above the 165,000 expected. The report reinforced the idea that the Federal Reserve could pull back on its economic stimulus.

As investors bought stocks, they sold bonds. The yield on the 10-year Treasury note jumped to 2.72 percent from 2.56 percent just before the report was released this morning.

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