Stocks Rise Today on Positive Unemployment Data

Chicago, IL 8/11/2011 (PennyPayDay) – Wall Street's wildest week since 2008 continued with another 300-plus point move for the Dow on Thursday. This time, stocks shot up after investors saw small signs that the economy might not be headed into another recession.

Fewer Americans joined the unemployment line last week, and a technology bellwether said revenue could grow faster this quarter than analysts expected. The news pushed prices on long-term Treasurys down, and gold fell from its record high.

The Dow Jones industrial average rose 349 points, or 3.3 percent, to 11,069 a little after 2 p.m. in New York.

During a calm market, a 300 point move would rank as the Dow's biggest in months. During this volatile week, it's the smallest. On Monday, The Dow plunged 634 points only to gain 429 points Tuesday and then sink 519 points Wednesday. It's the first time that the Dow has moved by more than 400 points in three straight days since November 2008, when markets were tumbling during the financial crisis.

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