US stocks rise after unemployment report

Published 11:57 am Thursday, August 11, 2011

NEW YORK (AP) — Stocks are rising after news that fewer people joined the unemployment line last week and word that a technology bellwether’s profit beat expectations.

The Dow Jones industrial average is up 256 points, or 2.4 percent, at 10,972 at 11:45 a.m. in New York. The S&P 500 is up 30, or 2.8 percent, at 1,151. The Nasdaq is up 73, or 3.1 percent, at 2,454.

For the first time in four months, the number of people filing for unemployment benefits for the first time fell below 400,000 last week. Analysts say it may be a sign that the job market is slowly improving after its three-month slump. Cisco Systems’ profit report also helped to lift technology stocks, which are leading the market higher along with financial stocks.