Updated from 2:47 p.m. EDT
Blue-chips and tech stocks turned higher in afternoon trading after spending most of the session in negative territory following the September employment report.
President Bush on Friday called for more tax relief, and the major averages responded by moving higher. Preliminary closing numbers showed the
Dow Jones Industrial Average
with a gain of 56.12 points, or 0.6%, to 9117. The
climbed 7.54 points, or 0.5%, to 1604.85, while the
was up 1.31 points, 0.1% at 1070.93, although well above its session lows. For the week, the Dow was up about 3.1%, while the Nasdaq added about 7.1%.
The Labor Department said the economy shed 199,000 nonfarm jobs in September, its biggest monthly drop in a decade and more than expected, although the unemployment rate was unchanged at 4.9%. Economists cautioned that because of the report's methodology, it didn't fully reflect the employment picture following the Sept. 11 terrorist attacks.
was rebounding after saying its first-quarter loss will be wider than expected. The company's stock was down earlier, but recently traded up 4% at $9.67. Sun also said it will cut 9% of its workforce and close some plants.
Treasury bonds were mixed in afternoon action. Around 4 p.m. EDT, the 10-year note was unchanged at 103 29/32, yielding 4.50%.
Europe's exchanges closed mostly lower, but London's FTSE 100 rose 20 points to 5036. The German DAX was down 60 points at 4488. The Paris CAC-40 was down 31 points to 4165. In Asia, Japan's Nikkei index was flat at 10,206 while Hong Kong's Hang Seng was off fractionally to 10,277.