New York - US stocks rose Friday, after two days of major declines, despite a sharp hike in unemployment and massive losses reported from major automakers.
The Wall Street rally was attributed to speculation that the Federal Reserve would lower interest rates next month to combat a surging unemployment rate. The US Labour Department reported Friday that unemployment climbed to 6.5 per cent in October, after another 240,000 jobs were lost in a worsening sign for the economy.