Tech and financial shares led the rally, but falling oil stocks capped the gains. Fred Katayama reports.
U.S. stocks bounced back from Thursday's selloff. Tech stocks, like Apple and Microsoft, led the rally, but falling oil stocks capped the gains. Driving Wall Street higher on Friday: a strong jobs report. Employers added far more jobs to their payrolls in June than economists had expected. Washington Crossing Advisor's Chad Morganlander: SOUNDBITE: CHAD MORGANLANDER, PORTFOLIO MANAGER, WASHINGTON CROSSING ADVISORS, (ENGLISH) SAYING: "When you peel it back, manufacturing jobs were listless. Service jobs, lower paying jobs, were the majority of it. And wage growth is rather benign at a little less than 2 percent. So we believe that the economy overall is doing OK." Interest-rate sensitive bank stocks traded higher, including Bank of America and JPMorgan. But declining oil prices pressured energy stocks such as Chesapeake, Hess and Devon. A battery helped re-energize Tesla shares as they rebounded from three days of losses. The luxury electric automaker won an Australian contract to build the world's biggest lithium-ion battery to serve as back-up power. European shares closed flat, weighed down by energy shares, and France's CAC finished just below break even.