Stocks rise, oddly, on bleak jobs report

Wall Street took some bad employment statistics as a good omen, sending the Dow Jones industrial average above 11,000 for the first time since May.

Other market indexes also gained as optimism among investors arose from the perversely upbeat belief that the bad jobs situation would force the Federal Reserve to take steps to stimulate the economy further.

"This is a case in which bad news is actually good news," said Sam Stovall, the chief investment strategist at Standard & Poor's. "If things don't look as if they are healing on their own, the market now is expecting an additional stimulus offered by the Federal Reserve or perhaps even by Congress."

Read Full Article from Los Angeles Times

- Posted: 2010-10-08 20:18:56

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