Dow Jones industrial average surges 208 following jump in hiring by US employers last month

Markets Associated Press

A surge in hiring last month sent U.S. stocks soaring.

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The Dow Jones industrial average jumped 208 points, or 1.2 percent, to 17,009 Friday.

The Standard & Poor's 500 index rose 21 points, or 1.1 percent, to 1,967. The Nasdaq composite rose 45 points, or 1 percent, to 4,475.

The gains nearly wiped out the market's losses for the week.

The government reported that employers added 248,000 jobs in September. The unemployment rate fell to 5.9 percent, the lowest since July 2008.

The dollar surged against other currencies as traders anticipated higher U.S. interest rates and economic growth. Prices for gold and U.S. government bonds fell for the same reason.

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Gold fell 1.8 percent to $1,192 an ounce. The yield on the 10-year Treasury note rose to 2.44 percent.