DJIA Opens the Quarter With a Win
NEW YORK -- The Dow Jones Industrial Average kicked off the second quarter by touching the highest point since the summer of 2008, as investors were heartened by signs of stronger job creation in the U.S. and the lowest jobless rate in two years.</br></br>The Dow industrials rose for a second week in a row and finished Friday with an advance of 56.99 points, or 0.5%, at 12376.72. The intraday high of 12419.71 was the highest point since June 6, 2008. The measure was led by Caterpillar, which rose $1.77, or 1.6%, to $113.12, and General Electric, which leapt 29 cents, or 1.5%, to 20.34.</br></br>The Standard & Poor's 500-stock index rose 6.58, or 0.5%, to 1332.41, led by industrial and financial stocks. The Nasdaq Composite Index rose 8.53, or 0.3%, to 2789.60. Each also posted a second consecutive weekly win.</br></br>"The unemployment rate and payroll numbers were key barometers to assess the recovery," said Wasif Latif, vice president of equity investments at USAA Investment Management Co. "It's another key data point that confirms that the economic recovery is underway."</br></br>Federal Reserve policy got more attention after Philadelphia Fed President Charles Plosser said the central bank may have to tighten soon, and aggressively, though New York Fed President William Dudley, one of the main advocates of easy monetary policy to support the economy, warned against premature tightening.