Friday's afternoon trade: Wall Street surges to three-month high

Wall Street rallied to its highest level since early May on Friday on a stronger-than-expected US jobs report, putting the S&P 500 on track to snap a four-day losing streak. US employers hired the most workers in five months in July, giving a lift to sentiment. At the same time, a rise in the unemployment rate to 8.3 percent kept alive the possibility that the Federal Reserve could provide additional stimulus to the economy.
The Dow Jones industrial average gained 250.97 points, or 1.95 percent, to 13,129.85. The Standard & Poor's 500 Index gained 28.64 points, or 2.10 percent, to 1,393.64. The Nasdaq Composite Index gained 64.21 points, or 2.21 percent, to 2,973.98.