Upbeat Jobs Data Lift Markets To Sharply Higher Close

Posted on July 07, 2011 at 17:24 PM EDT

Private employers hired more workers than expected while jobless claims dropped to lift the markets to a sharply higher close with the Dow climbing 93 points to 12,719. Nasdaq surged 38 points to 2872.

On the upside

Bebe Stores (Nasdaq: BEBE) reported a 7% increase in same store sales for the fourth quarter and expects fourth quarter earnings to be at the high end of its guidance.

June same store sales climbed a better than expected 6% for Dillard's (NYSE: DDS).

GMX Resources (NYSE: GMXR) began drilling its first well at the Williston Basin in Stark, North Dakota.

On the downside

Shares of Allied Irish Banks (NYSE: AIB) fell after European Central Bank president Jean-Claude Trichet said that Irish banks would not receive a medium term liquidity facility.

Solar grade polysilicon prices have tumbled but JA Solar Holdings (Nasdaq: JASO) locked in prices with providers before the drop.

Pfizer (NYSE: PFE) was exploring the possibility of selling its animal health and nutrition business.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 2 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 12 points to 858.

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