By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks rose on Friday following
an upbeat jobs report, sending the S&P 500 and the Dow Jones
Industrial Average to record levels.
All three main indexes were on track to post weekly gains.
The S&P 500 (SPX) added 7 points, or 0.4%, to 1,891.03,
topping its previous record closing level. The Dow Jones Industrial
Average (DJI) rose 50 points, or 0.3%, to 16,609.31, also
surpassing its previous closing level.
The Nasdaq Composite (RIXF) rose 12 points, or 0.3%, to
4,140.43.
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"The headline number was much better than expected, confirming
that a harsh winter slowed the economy down. But in the end, the
solid gains in jobs growth did not matter, as an improvement was
already priced in," said Kate Warne, investment strategist at
Edward Jones.
"The economy is improving, but not fast enough for the Fed to
change long-term policy. It looks like there are no changes in the
long-term view in bond markets either," she added.
The U.S. generated 288,000 jobs in April -- the biggest increase
in more than two years -- and the unemployment rate fell to 6.3%, a
strong performance that suggests the economy is accelerating after
tepid first-quarter growth. The unemployment rate is the lowest
since September 2008.
Separately, orders for goods produced in U.S. factories rose
1.1% in March, the U.S. Commerce Department said Friday.
On the corporate side, shares of LinkedIn Corp. (LNKD) dropped
4.6% after the online networking service said late Thursday it
swung to a loss of $13.32 million, or 11 cents a share, in the
first quarter from a profit of $22.6 million, or 20 cents a share,
a year ago.
Expedia Inc. (EXPE) dropped 1.7% after the travel site late
Thursday said its first-quarter loss narrowed to $14.3 million.
Merck & Co. Inc. (MRK) slipped 1.2% after reports German
drug maker Bayer AG is in exclusive talks to buy Merck's
consumer-health care unit for $14 billion.
Wynn Resorts Ltd. (WYNN) shares rose 6.7%. after the company
said late Thursday its first-quarter adjusted earnings rose to
$2.32 a share, above analyst expectations.
Akamai Technologies Inc. (AKAM) shares rose 1.6% after the
company's first-quarter earnings beat expectations.
U.S.-listed shares of Royal Bank of Scotland Group PLC (RBS)
jumped 9% after the bank said Friday its first-quarter profit rose,
as it attempts to reduce costs by focusing on its U.K.
operations.
InvenSense Inc. (INVN) shares dropped 6.3% after the company
said late Thursday it swung to a fiscal fourth-quarter loss.
In other financial markets, European stock markets wobbled
around the flat line, while Asian bourses closed mixed.
After the jobs data, the dollar (DXY) jumped against the
Japanese yen. 10-year Treasury yield rose to 2.65%. Gold (GCM4)
prices came under pressure after the jobs report, but managed to
firm. Oil prices (CLM4) almost reclaimed the $100-a-barrel
level.
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