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Business News

Joblessness fall sparks 11-year high for Nasdaq


The Nasdaq stock index surged to its highest level in 11 years, after data showed US unemployment fell significantly in January.

The Department of Labor revealed that unemployment was 8.3 per cent, down 0.2 per cent on December, its lowest rate in three years. The report showed 243,000 jobs were created last month, giving President Barack Obama a huge boost in what is an election year. But, Mr Obama admitted there were “still too many Americans who need a job”.