Stocks moved modestly higher ahead of the three-day weekend after the highly anticipated jobs report suggested that more healing is taking place in the economy, as one observer put it.
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The unemployment rate rose more than expected, to 9.7%. But the level of job cuts came in at 216,000, which was less than July's upwardly revised total of 276,000 and is the lowest in a year. Analysts expected the unemployment rate to rise to 9.5% from July's 9.4%, and job reductions to total 225,000.
Fortunately the unemployment rate only went to 9.7%.