Stocks Rally following Upbeat Jobs Report

U.S. stocks roared higher on Friday, as market participants cheered much stronger-than-expected data on the labor market.At close, the Dow Jones industrial average jumped 208.64 points, or 1.24%, to 17,009. The Standard & Poor’s 500 index rose 21.73 points, or 1.12%, to 1,967.90. The Nasdaq composite rose 45.43 points, or 1.03%, to 4,475.62.

Labor market hiring is reaching levels not seen since before the recession, data suggests, as more companies say they plan to hire more permanent workers in the fourth quarter. Some 29% of employers plan to add full- time, permanent employees in the fourth quarter of the year, according to a survey of more than 2,000 human resources managers, up from 25% in the same period last year and from a recent low of 17% in the fourth quarter of 2009.

Yahoo Inc. plans to reinvest some of the cash it made from an early bet on Alibaba Group Holding Ltd. in another fast-growing startup: Snapchat Inc.The Internet portal and Snapchat have held talks that are expected to lead to an investment in the mobile-messaging startup’s next funding round.

U.S. company Chiquita Brands and Irish peer Fyffes secured European Union regulatory approval on Friday for their $526 million tie-up to create the world’s largest banana producer.

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