NEW YORK — U.S. stocks rose slightly Friday, extending their climb to fresh two-year highs as investors were encouraged by a report of stronger-than-expected job growth for October.
Stocks remained hamstrung late in the session Friday, unable to rise substantially, but not losing much ground, after data showed the U.S. economy added jobs in October for the first time in five months, but the unemployment rate remained stubbornly high at 9.6 percent.
The Dow Jones industrial average rose 9.24 points, or 0.08 percent, to 11,444.08. The measure was weighed down by Kraft Foods Inc., which fell 2.2 percent. The food giant posted an 8.5 percent decline in third-quarter profit as higher taxes, jumps in advertising spending and costs for integrating Cadbury weighed on its shares. Also, Starbucks Corp. plans to discontinue its arrangement to use Kraft as a distributor for its coffee products.
The Nasdaq composite index tacked on 1.64, or 0.06 percent, to 2,578.98. The Standard & Poor’s 500 index edged up 0.4 percent to 1,225.85, with its financial sector posting the biggest gains.
The small gains Friday, which represented the 100th anniversary of the drafting of legislation for the creation of the Federal Reserve, came at the conclusion of a strong week that saw the Dow surge to its highest level since early September 2008, before the collapse of Lehman Brothers.
The Dow climbed 2.9 percent during the week, while the S&P 500 rose 3.6 percent over the period.
Fueling the climb, the Republican Party won control of the House of Representatives and the Federal Reserve pledged to give the economy a $600 billion stimulus shot, dubbed by market participants as QE2.
Investors were encouraged Friday after nonfarm payrolls rose by a greater-than-expected 151,000 last month as private-sector employers added 159,000 jobs, the Labor Department said.
In addition, the September number received a positive revision to show payrolls fell 41,000, less than an original estimate of a 95,000 decline.
