US stocks gained ground on Friday after a mixed payrolls report failed to rattle investors as US job losses in August were the smallest in a year, although the unemployment rate hit a 26-year high. "There's huge concerns with the employment picture," said Todd Salamone, vice president of research at Schaeffer's Investment Research in Cincinnati, Ohio.
"Those concerns are factored into the market and absent any major negative surprise, that gives reason for market participants to bid equities higher." Analysts said reduced trading volumes due to fewer investors before the US Labour Day holiday weekend could add to volatility. As of 12:58 pm EDT, only 470.6 million shares had changed hands on the New York Stock Exchange.
The Dow Jones industrial average gained 78.74 points, or 0.84 percent, to 9,423.35. The Standard & Poor's 500 Index rose 10.36 points, or 1.03 percent, to 1,013.60. The Nasdaq Composite Index climbed 29.16 points, or 1.47 percent, to 2,012.36.
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