Dow, S&P little changed as job growth slows in May

Jun 03, 2017, 02:13
Dow, S&P little changed as job growth slows in May

USA stocks opened with slight gains on Friday, with major indexes eking out intraday records despite the May payrolls report, which came in below expectations. The index had hit a record high of 21176.30.The S&P 500.SPX was flat at 2,430.12, slightly easing from an all-time high of 2433.37.The Nasdaq Composite.IXIC was up 13.26 points, or 0.21 percent, at 6,260.09.

The Dow rose 7.1 points, or 0.03 percent, to 21,151.28. The unemployment rate also fell from 4.4 percent to 4.3 percent.

Stocks futures gave back some gains after the data were released.

The Dow Jones industrial average rose 59 points, or 0.2 percent, to 21,205.

In the broad market, materials and financial stocks led gains.

The Fed still is expected to hike interest rates later this month, but analysts said the employment report weakened the chances the central bank will accelerate tightening efforts later this year.

US adds modest 138000 jobs, dropping unemployment to 4.3 percent
Employers have added more than 2 million jobs in the past year, and a month or two of slow growth isn't unusual. WASHINGTON-The unemployment rate fell to the lowest level in 16 years even as the pace of hiring slowed in May.

Queensland police killer shot dead after 21-hour siege
On Monday, Queensland Police Commissioner Ian Stewart said he wanted to resolve the siege "as peacefully as humanly possible". That stand-off is continuing this morning, with officers in contact with Maddison, who is in a shipping container.

Aubameyang scores as Dortmund win German Cup
Police made an appeal to Dortmund fans not to celebrate with more pyrotechnics after some were lit behind the west-end goal . Tuchel said Dortmund would not have won the title if there wasn't a good bond between him and the players.

Asian markets ended the day with gains.

The yield on the 10-year Treasury note held steady at 2.21 percent.

Energy stocks in the S&P 500 rose 0.7%, though they are down 1.1% so far this week.

Gold prices rose in the wake of the jobs data (http://www.marketwatch.com/story/gold-lower-headed-for-weekly-drop-on-forecasts-for-strong-jobs-tally-2017-06-02). That hunger to buy means the S&P 500 has gained within just months what Duessel thought may take a year or so to achieve, given continued economic growth and few signs of a looming recession.

Brent oil tumbled below $50, heading for a second straight week of losses, on worries that President Donald Trump's decision to abandon a climate pact could spark more crude drilling in the United States, worsening a global glut. Meanwhile, the dollar weakened against other major currencies, with the ICE U.S. Dollar index down 0.4% at 96.851.

Shares of Lululemon Athletica Inc.(LULU) shot up 15% in premarket action after the apparel-maker posted first-quarter results that beat expectations (http://www.marketwatch.com/story/lululemon-shares-rally-10-after-company-earnings-ivivva-restructuring-plans-2017-06-01) and announced a shake-up of its Ivivva brand, late Thursday.

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