Wall Street gains on job growth; earnings next hurdle
Strong job growth and supportive comments on Fed policy from influential New York Fed Bank President William Dudley were supportive, but the market is looking to forthcoming earnings to kick the rally into a higher gear.
U.S. employment grew solidly for a second month in March and the jobless rate hit a two-year low of 8.8 percent.
"Once we get to earnings and get confirmation companies continue to show strength, I think we'll make new highs on the S&P. But a couple of weeks of consolidation seems like a good thing to happen, Zemsky said.
About 7.4 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq, below last year's estimated daily average of 8.47 billion. Composite volume was the weakest for any week so far this year.
Dudley said quantitative easing that totaled $600 billion in bond purchases was expected to run until June, countering several days of hawkish rhetoric from other Federal Reserve officials.
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