Stocks open higher after unemployment rate drops

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Associated Press

Posted on October 5, 2012 at 9:01 AM

Updated Friday, Oct 5 at 9:02 AM

NEW YORK (AP) — Stocks are rising in early trading on Wall Street after the government reported that the U.S. unemployment rate fell below 8 percent for the first time in almost four years.

The Dow Jones industrial average rose 66 points to 13,641 shortly after the opening bell Friday. The Dow is heading for its first winning week following two weeks of losses.

The broader Standard & Poor's 500 index climbed eight points to 1,469. The Nasdaq composite rose 14 points to 3,162.

The Labor Department said the unemployment rate dropped to 7.8 percent in September, matching the rate in January 2009, when President Barack Obama took office.

The yield on the 10-year U.S. Treasury note rose to 1.73 percent from 1.68 percent as investors shifted money from bonds into stocks.

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