Wall Street recap: Jobs data, Cisco report send stocks over 10,000

Jobs data, Cisco report send stocks over 10,000

NEW YORK Abright forecast from Cisco Systems and upbeat economic news sent stocks soaring yesterday and propelled the Dow Jones industrials back above 10,000. The rally showed that investors are regaining their optimism about an economic recovery.

The Dow bolted up 203 points, or 2 percent, while the Nasdaq composite index, led by Cisco's outlook, rose nearly 2.5 percent. The market's move continued a streak of volatility that began last month, but this latest surge was powered not by a single event but by a wave of good news:

• The government said the number of newly laid-off workers seeking unemployment benefits fell to 512,000 last week, the lowest level since January and fewer than economists had forecast.

• Worker productivity jumped by the most in six years, rising 9.5 percent in the July-September quarter.

• Retailers had higher sales for the second straight month in October after more than a year of sliding.

The reports gave investors a shot of optimism about the government's monthly report on employment today.

"The news coming in has been for the most part better than expected," said Mike Boyle, senior vice president and portfolio manager at Advisors Asset Management.

The Dow rose 203.82, or 2.1 percent, to 10,005.96, its first close above 10,000 since Oct. 22.