Jobs Stink, Dow Surges; What's up? - Spokane, North Idaho News & Weather KHQ.com

Jobs Stink, Dow Surges; What's up?

NEW YORK (CNNMoney.com) -- Stocks rallied Friday, with the Dow crossing 11,000 and closing above the key level for the first time in five months.

The buying frenzy came after a sharp drop in the overall jobs figures in September boosted the chances of the Fed stepping in to stimulate the economy.

"The jobs number was terrible, but it clinches the deal for another round of stimulus from the Fed on Nov. 3, and that's why the markets are screaming today," said Phil Orlando, chief equity market strategist at Federated Investors.

The Dow Jones industrial average (INDU) rose as much as 84 points, or 0.5%, to a fresh-five month intrady high of 11,032. It eased from that level in the afternoon, but still finished with a 58-point gain, led by Alcoa (AA, Fortune 500) and Caterpillar (CAT, Fortune 500). The Dow closed at 11,006, its highest level since May 3.

The last time the blue chip index traded above that level was just days before the"flash crash" that sent the Dow tumbling nearly 1,000 points in one day.

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