Stocks Opened Higher After Job Data

U.S. stocks rallied at Wednesday’s start after Job report that price sector added 170,000 jobs in January. The Dow Jones Industrial Average lately rose 97.37 points to 12,730.28. The S&P 500 Index added 9.67 points to 1,322.08. The Nasdaq Composite rose 14.11 points to 2,827.95.

The pace of job creation by private employers slowed in January after a sharp gain the month before, a report by a payrolls processor showed on Wednesday. The private sector added 170,000 jobs last month, the ADP National Employment Report showed, shy of economists’ expectations for a gain of 185,000 jobs.

The Obama administration is trying to fix a stubborn drag on the economy by allowing millions of more homeowners to refinance their mortgages at lower interest rates even if they owe more than their homes are worth, tackling a difficult issue of vital concern in states key to President Barack Obama’s re-election.

Applications for U.S. home mortgages slipped last week, even as interest rates also eased, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 2.9 percent in the week ended Jan 27.

European Union regulators have blocked the merger of exchange operators Deutsche Boerse and NYSE Euronext to avoid giving them a stranglehold on the European futures market.

Italian carmaker Fiat-Chrysler surprised the market with lower 2012 profit targets that were still better than expected. Fiat- Chrysler cut its trading profit forecast to between 3.8 and 4.5 billion euros for 2012, higher than the 3.18 billion euros analysts predicted. Guidance for 2012 net profit of 1.2-1.5 billion euros beat market consensus of 1.03 billion.

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