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Dow closes at year's high in N.Y. on strong payroll data.

NEW YORK, Aug. 7 Kyodo

The Dow Jones average rebounded Friday for the first time in three trading days to close at the year's high on stronger-than-expected nonfarm payroll data.

The Dow Jones Industrial Average of 30 blue-chip issues rose 113.81 points from the previous day to 9,370.07, its highest close since early November last year.

The tech-heavy Nasdaq Composite Index gained 27.09 points to 2,000.25.

Financial and consumer-related stocks drew aggressive buying after the Labor Department said earlier in the day that the U.S. unemployment rate fell in July for the first time in 15 months.

Investors were also heartened by a report from American International Group Inc. for the April-June period in which the major insurer posted its first quarterly profit in seven quarters.

The Dow briefly surged more than 180 points but the advances tapered off toward the end of the day on selling for gains.

Because investors were wary about the employment situation, the payroll data rapidly spread a sense of relief among them, according to a U.S. analyst.
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Publication:Japan Weekly Monitor
Date:Aug 10, 2009
Previous Article:2ND LD: Dollar hits 2-month high in upper 97 yen range in N.Y. trading.
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