US stocks edged higher on Friday on a much stronger-than-expected payrolls report, but gains were capped as investors sold some bank shares to book profits in the wake of the Federal Reserve's "stress tests" results. The Dow Jones industrial average hit yet another record high and the S&P 500 has advanced to a level about 2 percent away from an all-time intraday high, as investors have seized the opportunity to buy on dips.
Hiring in the United States jumped in February with non-farm payrolls adding 236,000 last month, easily beating expectations for a gain of 160,000 jobs. The unemployment rate fell to 7.7 percent, the lowest since December 2008. J.P. Morgan Chase, down 1.3 percent at $49.95, was the biggest drag on both the Dow and the S&P 500. The Dow Jones industrial average was up 24.11 points, or 0.17 percent, at 14,352.60. The Standard & Poor's 500 Index was up 1.81 points, or 0.12 percent, at 1,546.07. The Nasdaq Composite Index was up 3.04 points, or 0.09 percent, at 3,235.13.
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