NEW YORK -- U.S. stocks continued their post-election surge Friday as a positive employment report and oil price stability buoyed all major indexes.

The Dow Jones industrial average gained 60.54 or 0.59 percent to 10,375.30 in early afternoon trading. The Nasdaq composite picked up 8.83 or 0.44 percent to 2,032.46 and the Standard & Poor's 500 rose 2.78 or 0.24 percent to 1,164.45.

Oil remained under $50 per barrel and nonfarm payrolls grew by a robust 337,000 last month to leave unemployment at a low 5.5 percent, the Wall Street Journal reported.

Bush re-election boosts the chances Social Security money will flow into stocks and taxes will remain lower or even be cut further, both of which encouraged traders.

The 10-year Treasury note fell 30/32, or almost $10 for each $1,000 invested, for a 4.19 percent yield.

The dollar fell to 105.53 yen from 106, as the euro rose to $1.2931 from $1.2872.

Tokyo's Nikkei 225 Stock rose 115.50 points or 1.1 percent to 11,061.77.

London's FTSE 100 closed at 4,739.80 after rising 11.50 or 0.24 percent.

Copyright 2004 by United Press International