US Stocks Obtain a Boost From Solid March Jobs Report

Source:   —  April 01, 2016, at 9:28 PM

S. stocks are edging higher in Friday afternoon trading. Consumer companies are rising after the government said work growth continued at a powerful clip in March.

U. south. stocks are edging higher in Friday afternoon trading. Consumer companies are rising after the government said work growth continued at a powerful clip in March. Energy and mining companies are struggling as the prices of oil and precious metals drop.

KEEPING SCORE: The Dow Jones industrial average picked up sixty-five points, or 0.4 percent, to 17.750 as of one:41 p. m. Eastern time. The Standard & Poor's five hundred index added seven points, or 0.three percent, to two.066. The Nasdaq composite index rose twenty-nine points, or 0.6 percent, to 4.899. Stocks haven't made many sharp moves in recent weeks, but have drifted gradually higher.

HIRING CONTINUES: The U. S. government reported that private employers added 215.000 jobs in March, a bit more than expected. That shows employers are confident sufficient to add staff even though overall economic growth has slowed down. More people also looked for work and pay ticked higher.

CONSUMER POWER: Consumer companies advanced. McDonald'south rose $one.45, or 1.2 percent, to $127.14 and Visa picked up $1.16, or 1.5 percent, to $77.64. Residence Depot added $1.31, or 1 percent, to $134.74.

THE QUOTE: Kate Warne, investment strategist for Edward Jones, said the report shows the U. S. economy is staying on track and growth remains steady in spite of all the stock market turmoil this year.

"That means more spending on everything from housing to McDonald's," she said. "It'south one more proof that the worries from earlier in the year really weren't warranted."

OIL: Energy prices dropped as investors grew pessimistic about the fate of a proposed deal for major oil-producing nations to reduce production. Benchmark U. S. crude fell $1.28, or 3.3 percent, to $37.06 per barrel in New York. Brent crude, used to price international oils, dropped $1.forty-nine, or 3.7 percent, to $38.84 a barrel in London.

Chevron lost $1.01, or 1.1 percent, to $94.39 and Marathon Oil retreated sixty-five cents, or 5.8 percent, to $tenth.49.

DRIVE MY CAR: Tesla Motors gained $6.25, or 2.7 percent, to $236.02 after the electric car company said it received a flood of orders for Model 3, the new, lower-priced vehicle it announced on Thursday.

HITTING THE BRAKES: Automakers are falling even though the U. S. auto industry on pace for its best mo in 10 years. While people hold buying cars and trucks in huge numbers, discounts are jumping, and there were more selling days latest mo than usual, which boosted sales.

Ford lost thirty-five cents, or 2.6 percent, to $13.15 and Common Motors declined seventy-five cents, or 2.4 percent, to $30.68.

ANBANG SAYS BYE: Just days after it offered to purchase Starwood Hotels for $15 billion, a consortium led by Anbang Insurance Grouping ended its bid. Starwood had accepted a $14 billion proposal from Marriott but said Anbang'south tender was better.

Starwood fell $4, or 4.8 percent, to $79.forty-three and Marriott lost $3.91, or 5.5 percent, to $67.27. Starwood and Marriott would become the biggest hotel chain in the world, and competing hotel companies also fell. Hilton shed 49 cents, or 2.2 percent, to $22.03.

REGENERATING: Regeneron Pharmaceuticals jumped after an eczema drug it's developing with Sanofi met its goals in a late-stage clinical trial. The stock gained $48.fifty-one, or 13.5 percent, to $408.95, leading a recovery in drugmaking stocks. Biotechnology companies including Amgen and Gilead Sciences also traded higher.

GOING SOUR: Smartphone maker Blackberry reported disappointing quarterly results, with sales that fell distant brief of estimates. Its stock gave up fifty-nine cents, or 7.3 percent, to $.50.

LOSING ALTITUDE: Airlines fell after an analyst warned that companies may slash their business travel. Michael Linenberg of Deutsche Bank said U. S. corporate profits are getting squeezed, and he downgraded Delta, United Continental, American Airlines and Hawaiian.

United Continental dipped $3.34, or 5.6 percent, to $56.52 and Delta fell $1.68, or 3.5 percent, to $47. American sank $1.32, or 3.2 percent, to $39.69.

METALS: Gold fell $12.70, or 1 percent, to $1.222.90 an oz and silver skidded 43 cents, or 2.8 percent, to $15.04 an ounce. Copper slid 2 cents to $2.16 a pound.

OUTPERFORMING: Retailer Urban Outfitters disclosed powerful sales at its older stores, and the stock added ninety-two cents, or 2.8 percent, to $34.01. Urban Outfitters is the best-performing stock on the S&P five hundred index this year, as its cost has surged 51 percent.

OVERSEAS: Stocks overseas tumbled. Germany'south DAX lost 1.7 % and the CAC-40 in France tumbled 1.4 percent, and in Britain, the FTSE one hundred lost 0.5 percent. Tokyo'south Nikkei two hundred twenty-five sank 3.6 percent, while S Korea'south Kospi fell 1.1 percent. Hong Kong'south Hang Seng index declined 1.3 percent. Asian markets were hit by feeble economic reports from Japan. The nations' large exporters have been hit by a double whammy of a slowing Chinese economy and a rising yen.

BONDS, CURRENCIES: Bond prices slipped. The yield on the 10-year U. S. Treasury note rose to 1.78 % from 1.77 percent. The dollar fell to 111.81 yen from 112.53 yen, while the euro rose to $1.1390 from $1.1387.


AP Markets Writer Marley Jay can be reached at http://twitter. com/MarleyJayAP His work can be found at http://bigstory. ap. org/journalist/marley-jay

FDA: Tiny Risk of Implant Malfunction From Medical Scans

FDA: Tiny Risk of Implant Malfunction From Medical Scans

The Food and Drug Administration said Friday the risk of serious health problems due to medical scans is "extremely low" and can be further reduced by using lower doses of X-ray radiation.

US Rig Count Drops fourteen This Week to four hundred fifty, Another All-Time Low

US Rig Count Drops fourteen This Week to four hundred fifty, Another All-Time Low

S. dropped fourteen this week to four hundred fifty, another all-time low amid continuing energy industry price woes. A year ago, 1.028 rigs were active. Houston oilfield services company Baker Hughes Inc.

Orders for Lower-Priced Tesla Hit 198.000

Orders for Lower-Priced Tesla Hit 198.000

Tesla CEO Elon Musk says on Twitter that he may have to rethink plans for factory production of the Model three. Musk unveiled the new car Thursday night.

Tatyana Ali of 'Fresh Prince of Bel-Air' Engaged and Pregnant

Tatyana Ali of 'Fresh Prince of Bel-Air' Engaged and Pregnant

Vaughn Rasberry, later this summer. The two are also expecting their first baby together. The 37-year-old actress, best known for portraying Ashley Banks on the hit one thousand nine hundred ninety sitcom, revealed exclusive details to Entertainment Tonight...