Investors were on a high after reports of re-employment and lesser job losses came pouring in.
The Dow Jones Industrial Average also improved greatly with 119 points trading at 9375, just above its intraday highs of 9400 - a high point for 2009.
American Express and J.
P.
Morgan also climbed up by 6% and 5% respectively.
The Labor Department confirmed that non-farm payrolls in the U.
S.
dropped by 247,000 jobs in July, much below the 275,000 mark expectation of the economists and lowest drop since last August.
The unemployment rate also reached 9.
4% a drop by 0.
1 percentage.
Investors were also happy to receive above average earnings from American International Group.
AIG, which climbed this week, was up again by more than 19% after it reported to have swung to a $1.
8 billion profit.
The S&P 500 also showed signs of moving up by reporting a rise of 1.
5% after reaching a new high in on August 7.
All the divisions traded higher but financials were the strongest, up by 3.
7% as a group.
ETrade Financial and MBIA were the only two S&P's 79 financial components who were lower than the others.
Financials were the brighter spot compared to others in the market.
Chief investment officer of Turner Investment Partners, in Berwyn, Penn said that there has been a massive change in the outlook of these companies on how to handle risk.
This was mainly due to improved housing data and previous severe assumptions of bad debt.
However, some pessimistic people are taking the recent trends in the market as an indication that they are long overdue for a thorough review.
Cynics are concerned that though the health of the financial market is better it still has much to do as far as credit-related problems are concerned.
The Dow Jones U.
S.
Financials Total Stock Market Index has moved up by 24% since July 13, outpacing the larger market.
It's up by 96% since March 9, when major stock indexes hit their lowest.
According to Paul Quinn, president of Focalpoint Capital Management in Bozeman, Mont the current situation is an extremely sticky one with high-quality stocks not doing good whereas low-quality stocks are doing just great.
It means that people are getting desperate, and the situation needs amendment.
Nasdaq Composite Index and small-stock Russell 2000 were also up 1.
4% and 2.
5% respectively.