TOP STORIES
U.S. ADDS 295,000 JOBS IN FEBRUARY
U.S. employers added 295,000 jobs in February and the
unemployment rate fell to 5.5%, signs of a strengthening labor
market that should keep the Federal Reserve on track to raise
interest rates this year.
APPLE ADDED TO DOW INDUSTRIALS, REPLACES AT&T
Apple will join the Dow Jones Industrial Average this month, a
long-anticipated change that adds the world's most-valuable company
to the 119-year-old blue-chip index. Apple shares rise 1%.
U.S. STOCKS TRADE LOWER
U.S. stocks traded lower after the nonfarm payrolls report
showed the economy added more jobs than expected last month.
Meanwhile, the dollar soared and Treasurys sold off.
ALCOA CONSIDERS CUTTING SMELTING, REFINING CAPACITY
Alcoa said it is considering closing or divesting itself of some
of its smelting and refining operations as part of a continuing
effort to improve its profitability.
U.S. TRADE GAP NARROWS IN JANUARY
Cheaper U.S. energy prices and lower demand for foreign oil
helped narrow the U.S. trade gap in January. The trade deficit
shrank to a seasonally adjusted $41.75 billion. Economists surveyed
by The Wall Street Journal had forecast a trade deficit of $41
billion.
STAPLES REPORTS LOSS ON WRITE-DOWN
Staples, awaiting regulatory approval for its deal to merge with
Office Depot, swung to a 4Q loss as it took a write-down on some of
its international businesses. Excluding charges, results were in
line with expectations.
OIL TURNS LOWER AFTER STRONG U.S. JOBS DATA
U.S. oil futures wavered between gains and losses after monthly
domestic job growth data came in better than expected and drove the
dollar higher. Nymex April crude traded between $50.11 and $51.22 a
barrel, and was recently down 26c at $50.50.
BIG LOTS SALES RISE, BUT POSTS SOFT GUIDANCE
Big Lots reported its fourth consecutive quarter of same-store
sales growth, but warned sales for fiscal 2015 would be flat.
Results from fiscal 4Q were in line with expectations. It posted a
profit of $94.4 million as net sales grew 1.4% to $1.59
billion.
ATHENS SHOWS CREDITORS DRAFT REFORMS
Greece has submitted a draft list of reform proposals to
creditors ahead of a crucial meeting of eurozone finance ministers
next week, at which Athens hopes to unlock more financial aid to
avert a growing cash crunch.
STATOIL DELAYS TWO PROJECTS OFF NORWAY
Norway's Statoil said it is delaying two major oil projects off
Norway to cut costs further, as profitability is challenged by a
roughly 50% drop in oil prices since last summer.
SAP TO SHED JOBS
SAP said it plans job cuts that could affect as much as 3% of
its current global workforce, as the software company transitions
from offering installed applications to a cloud-based business
model.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
Analysis
FED ON TRACK FOR MIDYEAR RATE INCREASES
Jon Hilsenrath says the robust job market keeps the Federal
Reserve on track to alter its guidance on interest rates at its
policy meeting this month--and debate whether to start raising
short-term interest rates in June.
The Wall Street Journal
FED SEES ALL BANKS IN STRESS TEST ADEQUATELY CAPITALIZED
The largest U.S. banks are strong enough to keep lending during
a severe recession, the Federal Reserve said, a sign that many
banks will soon get permission to return profits to investors by
raising dividends or buying back shares.