Stocks rise after bleak jobs report

NEW YORK (AP) - Buyers are returning to the stock market after two days of heavy losses although the government has issued a worse-than-expected employment report.

The Labor Department says the nation's employers cut 240,000 jobs in October, hurtling the U.S. unemployment rate to a 14-year high of 6.5 percent. The market had expected employers to cut 200,000 jobs and for the unemployment rate to rise 6.3 percent.

Meanwhile, Ford reported dismal third-quarter results and announced plans to cut more than 2,000 additional white-collar jobs. General Motors is also expected to report results Friday.

Although the day's news was worse than expected, investors seemed to be attracted by stock prices beaten down the past two sessions. Shortly after the opening, the Dow Jones industrial average is up 106 points at the 8,801 level. Broader market indexes are also higher.

Source: Associated Press