US stocks have rebounded from losses in late trade, setting record highs despite a weaker-than-expected US July jobs report.
The Dow Jones Industrial Average gained 30.34 (0.19 per cent) to finish Friday at 15,658.36.
The broad-market S&P 500 advanced 2.80 (0.16 per cent) to 1,709.67.
Both the Dow and S&P set all-time closing records.
And the tech-rich Nasdaq Composite rose a solid 13.84 (0.38 per cent) to 3,689.59.
The Labor Department said the United States added 162,000 jobs in July, well below the 175,000 expected on average by analysts.
The unemployment rate fell to 7.4 per cent from 7.6 per cent in June.
“The stock market started the day on a weak note after the disappointing July employment report but was there ever a doubt that it would make a rebound try? We think not,” Briefing.com said in a market note.
“The stock market has been conditioned to buy on the dips, because of the policy support provided by the Fed,” the analysts said.
They said it would be “tough” for the Federal Reserve to rationalise pulling back on its asset-buying program based on the July jobs report.
Embattled computer maker Dell soared 5.6 per cent to $13.68, the most actively traded stock on the Nasdaq, after a sweetened offer from a Michael Dell-led consortium was accepted by a special Dell committee.
The vote on the controversial go-private transaction was delayed for the third time.
Facebook jumped 1.5 per cent to $38.05, above last year’s $38 initial public offering, still riding a wave of investor enthusiasm after better-than-expected mobile advertising revenues. The stock hit an intraday peak of $38.49.
Dow member Chevron dipped 1.2 per cent after earnings came in 19 cents shy of the $2.96 per share expected by analysts. Global oil and gas production fell to 2.58 million barrels a day from 2.62 million. Refinery division earnings also fell steeply.
Online professional networking firm LinkedIn soared 10.6 per cent after profits rose 32 per cent. The company also increased some of its full-year 2013 forecasts on financial performance.
Bond prices surged. The yield on the 10-year US Treasury bond fell to 2.60 per cent from 2.72 per cent late on Thursday, while the 30-year dropped to 3.69 per cent from 3.77 per cent. Bond prices and yields move inversely.
