Jobs Growth Boosts Stocks

U.S. stocks closed with strong gains on Friday after robust jobs data pointed to a strengthening economy. The Dow Jones industrial average was up 147.29 points, or 0.98 percent, at 15,135.84. The Standard & Poor’s 500 Index was up 16.48 points, or 1.02 percent, at 1,631.89. The Nasdaq Composite Index was up 35.71 points, or 1.04 percent, at 3,479.38.

U.S. job growth accelerated in June thanks a big jump in hospitality and service workers. Unemployment steadied at 7.6 percent for the month, as nonfarm payrolls grew by 195,000, according to a closely watched Labor Department report Friday.

Samsung Electronics Co. flagged weaker-than-expected second-quarter earnings amid concerns that sales of its flagship Galaxy S4 smartphone haven’t been as strong as expected.

A California law that took away some services for Medicaid patients was struck down Friday by a federal appeals court, highlighting the conflict between a state’s financial inability to provide health care for the poor and the rules that must be met under the U.S. program.

The Federal Communications Commission approved a three-way deal in which Japan’s SoftBank Corp. (9984.TO) is acquiring control of Sprint Nextel Corp. (S), which in turn is buying Clearwire Corp. (CLWR), marking the last step before the transactions’ close.