Friday's afternoon trade: stocks climb after solid data

US stocks climbed on Friday after solid data on the labour market strengthened confidence in the recovery and comments from a Federal Reserve Bank president signalled support for economic stimulus efforts. The combination of an improving economy and support for the completion of the Fed's second round of quantitative easing, so-called QE2, pushed the S&P 500 through a technical level it has been unable to sustain despite several attempts.
US employment grew solidly for a second month in March and the jobless rate hit a two-year low of 8.8 percent. The S&P broke above 1,332, a significant level as it represents double the 12-year low hit in March 2009. If the index stays convincingly above that threshold, it may trigger more buying.
The Dow Jones industrial average gained 80.57 points, or 0.65 percent, to 12,400.30. The Standard & Poor's 500 Index rose 9.76 points, or 0.74 percent, to 1,335.59. The Nasdaq Composite Index added 17.04 points, or 0.61 percent, to 2,798.11. The S&P 500 ended the first quarter on Thursday with a gain of 5.4 percent. NYSE Euronext shares rallied after Nasdaq OMX Group Inc and IntercontinentalExchange Inc unveiled a bid to buy the rival exchanges operator, topping an earlier offer from Deutsche Boerse AG.