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The Dow Now: All 30 Components Up in Intraday Trading


Stocks rally after a good July jobs report.

MINYANVILLE ORIGINAL It was good news for President Obama and the markets today, with both cheering the positive jobs report released earlier. Stocks rallied as nonfarm payrolls beat expectations in rising by 163,000 in July.

The Dow Jones Industrial Average (^DJI) is trading up 246.24 points (1.91%) at 13,125.12 as of 12:11 p.m. EDT, putting it on its way to snap a four-day losing streak. That's a 7.33% rise on the year to date and a 10.33% increase from the index's value a year ago.

All 30 Dow components are up in intraday trading. Leading the surge is Kraft Foods (KFT), up 3.98% (+1.55) at $40.49. The company reported second-quarter profit of $0.68 a share on Thursday, which beat analyst estimates by $0.02. Hewlett-Packard (HPQ) is another high-flyer, up more than 4%. The PC maker will have to gain a lot more to make up for lost ground though – it is still the Dow's greatest decliner of the year, having fallen 29% thus far.

Underwhelming in the wake of the broad rally are McDonald's (MCD) and Verizon (VZ). The fast food company is up a tiny 0.33%, while Verizon has also increased by 0.47%. A new Forbes report finds that the telecommunications company has spent some $1.8 million in political donations this year, with 58% going to Republicans and 42% to Democrats.

The outlook for the rest of 2012 continues to be rocky, despite today's good news.

"We continue to expect growth to slow in the second half of the year as the uncertainty shock from the fiscal cliff weighs on corporate investment," Michelle Meyer, senior US economist at Bank of America Merrill Lynch, told the Wall Street Journal. "This should ultimately trigger additional Fed easing, in our view. That said, today's report may have bought the Fed some time."

Twitter: @sterlingwong
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