US stocks end higher

Wall Street made a muted advance today but still finished the week lower after a better-than-expected employment report raised hopes about the US economy’s strength despite the recent hurricanes.

The market came back from three straight days of losses after the Labour Department said September payrolls, while down for the first time in two years, fell by only 35,000 jobs. Fearing an economic slump in the wake of hurricanes Katrina and Rita, economists had forecast a drop of 150,000.

But while the Dow Jones industrial average rose as much as 60 shortly after the opening bell, stocks gave up most of their gains throughout the day amid some scepticism about the report.

Investors also awaited greater clarity about the economy’s health from upcoming third-quarter earnings and forward-looking estimates.

“Any celebration the market was going to put on was overshadowed by the fact that (the job loss) wasn’t good news,” said Arthur Hogan, chief market analyst at Jefferies & Co. “I think calmer minds prevailed.”

The Dow gained 5.21, or 0.05%, to 10,292.31. This week, the Dow lost more than 280 points between Monday and Thursday.

Broader stock indicators were also higher. The Standard & Poor’s 500 index was up 4.41, or 0.37%, at 1,195.90, and the Nasdaq composite index rose 6.27, or 0.3%, to 2,090.35.