NEW YORK (AP) — Stocks are rising after another weak report on unemployment added to expectations that the Federal Reserve will step in to prop up the economy.
The Dow Jones industrial average climbed above 11,000 Friday for the first time since early May.
High unemployment remains a major hurdle to economic growth, and the Labor Department’s report raised hopes that the Fed will move to stimulate the economy again by buying bonds and taking other measures to encourage borrowing.
The Dow is up 53, or 0.5 percent, at 11,001. The S&P 500 is up 5, or 0.5 percent, at 1,163, while the Nasdaq composite is up 10, or 0.4 percent, at 2,394.
