Not even grisy job losses could get in the stock market's way friday . The Dow Jones industrial average clawed higher to end above the 8,000 for the first time in nearly two months and logged am impressive fourth straight week gains .
The last time the Dow rose for four consecutiv weeks was between September and October of 2007 when the index reached its record above 14,000 . Wall Street's newfound conidence kept swelling this week on better than expected econmic data , a relaxation in banks accounting rules , and reassurance from the world's finance leaders that they will keep propping up the global econmy .
The Labor Departments March unemployment report Friday was the weeks's last big hurdle . The job numbers were certainly grim , but not terrible enough to derail the emerging sence of optimism over the past four mounths that the economy may be beginning to right itself . The Dow finished the week up 3.1 percent . Traders are reacting more moderately to bad news than they might have even a month ago , said Tom Phillips Investments in Oklahoma City .
" If the expectation was for truly horrendous numbers and they're only ugly , that's a good thing " Phillips said . While many investors are looking ahead to an eventual recovery , others say Wall Street might be just as shortsighted now as it was when it was panicking .
Potential pitfalls lie ahed not just for the job market but also in corporate earnighs report and outlloks that start pouring in next week . " We've run too high here , way too fast " said Joe Saluzzi , co head of equity trading at Themis Trading LLC .
Investors have been too quick to overlook the holes in the economy , including employment , saluzzi said . Another loominng threat to the market's four week buying spree is start of the season , which gets under way Tuesday with a report from Dow components and aluminum producer Alcoa INC .
Expections for earnings are already low , but hints that conditions are deteriorating easily could kill the rally .
by the assocated press
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