NEW YORK (AP) — Stocks are surging after the government reported a burst of hiring last month.

The Dow Jones industrial average jumped 207 points, or 1.3 percent, to 17,008 as of 12:45 p.m. Eastern time Friday.

The Standard & Poor’s 500 rose 22 points, or 1.2 percent, to 1,969.

The government reported that employers added 248,000 jobs in September. The unemployment rate fell to 5.9 percent, the lowest since July 2008.

The dollar surged 1 percent against the euro and the yen as traders anticipated higher U.S. interest rates and economic growth. Prices for gold and U.S. government bonds fell for the same reason.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.