US Markets ended higher on o6 March 2010

US Markets ended higher on Friday.Dow Jones industrial average was up 122 points,up 1.17 percent, to 10,566. The Standard & Poor’s 500 index ended higher at 1,139. The tech-heavy Nasdaq composite index ended higher to settle 2,326.

US stocks jumped and the Nasdaq hit an 18-month closing high on Friday as US employers cut fewer jobs than expected last month and consumers showed signs of shedding their penny-pinching ways.

The broader market got a lift from smaller-than-expected job losses, after U.S. data showed nonfarm payrolls shed 36,000 jobs in February compared with expectations in a Reuters poll for a loss of 50,000. Investors had been concerned severe winter weather that affected swaths of the country would cause a larger drop in payrolls.

The Dow Jones industrial average gained 122.06 points, or 1.17%, to end at 10,566.20. The Standard & Poor’s 500 Index added 15.73 points, or 1.40%, to 1,138.70. The Nasdaq Composite Index rose 34.04 points, or 1.48%, to 2,326.35.

The Dow and the S&P 500 closed at their highest levels in six weeks. The S&P 500 is now off only 1% from a 15-month closing high set on Jan 19, having clawed back from a drop of more than 8% through Feb.8. All three indexes are now positive for the year. For the week the Dow rose 2.3%, the Nasdaq added 3.9% and the S&P 500 climbed 3.1%.

Indian ADRs ended higher on Friday. In the IT space, Infosys and Satyam were up over 2% each at $ 59.56 and $ 5.69 respectively. Patni Computers was up 1.54% at $ 21.73 and Wipro ended up 0.94% at $ 22.62.

In the telecom space, Tata Communication surged 3.92% at $ 12.99 and MTNL was up 0.93% at $ 3.27. In the banking space, ICICI Bank gained 3.51% at $ 40.96 and HDFC Bank was up nearly 2% at $ 127.09.

In other sectors, Tata Motors advanced by 4.39% at $ 18.56. Sterlite Industries and Dr Reddy’s Labs were up 2.04% and 1.38% respectively at $ 18.01 and $ 25.66 respectively.

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