Easing Unemployment Boosts Markets To Higher Close

An easing unemployment rate along with fewer than expected job losses in July boosted the markets to a sharply higher close with the Dow soaring 113 points to 9370. Nasdaq jumped 27 points to 2000.

On the upside

YRC Worldwide's (Nasdaq: YRCW) union agreed to cut wages by another 5% and will forego pension contributions for 18 months which will save the trucking company nearly $50 million each month.

Dana Holding (NYSE: DAN) narrowed second quarter losses even as revenue plunged by nearly 50%.

Second quarter earnings for Chiquita Brands (NYSE: CQB) rose to top estimates despite a modest drop in revenue.

On the downside

Energy Recovery (Nasdaq: ERII) swung to a loss for the second quarter prompting downgrades.

Shares of National Coal (Nasdaq: NCOC) fell ahead of its earnings release on Monday.

Valence Technology (Nasdaq: VLNC) widened first quarter losses as revenue plunged.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 14 points to 572.