Stocks Jumped at Start on July Job Gains

U.S. stocks started sharply ahead on Friday after a July jobs report revealed the strongest hiring trends in five months.  The Dow Jones Industrial Average lately rose 185.46 points, or 1.44%, to 13,064.34. The S&P 500 index climbed 21.59 points, or 1.58%, to 1,386.59. The Nasdaq Composite advanced 47.80 points, or 1.64%, to 2,957.57.

U.S. employers in July hired the most workers in five months, but an increase in the jobless rate to 8.3 percent muddled the near-term outlook for monetary policy. Nonfarm payrolls rose 163,000 last month, the Labor Department said on Friday, beating economists expectations in a Reuters poll for a 100,000 gain.

Samsung Electronics Co., the world’s largest mobile-phone maker, said Friday it plans to show a new mobile device in late August, trying to stay in the consumer spotlight ahead of Apple’s expected release of the latest iPhone in September.

Procter & Gamble Co (PG) posted a higher-than-expected quarterly profit despite a drop in sales. P&G said it had earned $3.63 billion, or $1.24 per share, in the fourth quarter ended on June 30, compared with $2.51 billion, or 84 cents per share, a year earlier. P&G said it expected to earn $3.61 to $3.85 per share this year, with core earnings of $3.80 to $4.00.