US stocks cheer strong jobs data

US stocks rallied sharply Friday after a strong jobs report for January that showed the unemployment rate fell to its lowest level in nearly three years. The Dow Jones Industrial Average jumped 154.63 points (1.22 percent) to 12,860.04 in closing trade. The broad-based S&P 500 rose 19.25 (1.45 percent) to 1,344.79, while the Nasdaq Composite added 45.98 (1.61 percent) to 2,905.66. The Labor Department reported ahead of the opening that the economy added a net 243,00 jobs last month, much better than forecast, bringing the overall jobless rate down to 8.3 percent from 8.5 percent in December. Stocks rallied from the opening bell, with "the bulls finding sustenance from the US economic front," Charles Schwab analysts said.