Better News Sends Stocks Higher At The Close

NEW YORK (May 2, 2013)—Some encouraging news about the job market and higher profits from CBS, Facebook and other companies sent stock prices higher Thursday.

The Dow Jones industrial average rose 130 points, or 0.9 percent, to close at 14,831 Thursday, erasing out nearly all of its 138-point fall the day before.

The Standard & Poor's 500 climbed 15 points, or 0.9 percent, to end at 1,597.

The Nasdaq rose 41 points, or 1.3 percent, to close at 3,340 points.

CBS and Facebook rose after reporting income that was better than Wall Street analysts had been expecting.

The Labor Department reported that applications for unemployment benefits fell to a five-year low last week.

Three stocks rose for every one that fell on the New York Stock Exchange where volume was slightly below average at 3.4 billion shares.

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