The Joplin Globe, Joplin, MO

Business

April 4, 2014

US stock indexes edge higher after jobs report

NEW YORK — Stocks are edging mostly higher in early trading Friday after the government reported that U.S. employers added to their payrolls last month. The overall report was mixed, however, and the unemployment rate remained unchanged at 6.7 percent.

KEEPING SCORE: The Standard & Poor’s 500 index rose five points, or 0.3 percent, to 1,894 in the first 45 minutes of trading. The Dow Jones industrial average rose 36 points, or 0.2 percent, to 16,610. The Nasdaq composite slipped seven points, or 0.1 percent, to 4,230.

JOBS REPORT:  The Labor Department said employers added 192,000 jobs in March. That’s less than economists had expected and also below February’s total of 197,000. On the bright side, employers added a combined 37,000 more jobs in February and January than the government first estimated. A half-million Americans started looking for work last month, and many of them found jobs.

GRUBHUB POPS: GrubHub jumped 37 percent in the first few minutes of its debut on the New York Stock Exchange. The online food delivery company, which runs the Seamless website, raised $192.5 million in its initial public offering late Thursday, selling shares at $26 each. GrubHub’s stock jumped $10 to $36.26 in early trading.

WRONG TURN: CarMax slumped after the seller of used cars said its quarterly income fell 7 percent as an accounting correction outweighed higher demand for cars. The company’s stock slumped $1.62, or 3 percent, to $45.93.

GETTING BETTER: Encouraging economic news has nudged the stock market to fresh highs this week. A string of reports on manufacturing and hiring suggest that the economy is thawing out from a rough winter. The S&P 500 index has crept up nearly 2 percent this week. The Dow and S&P 500 are both at record highs.

OVERSEAS MARKETS: Germany’s DAX added 0.5 percent and France’s CAC 40 rose 0.5 percent. Britain’s FTSE 100 rose 0.4 percent. In Japan, Tokyo’s Nikkei 225 edged down 0.1 percent. Hong Kong’s Hang Seng shed 0.2 percent while on mainland China the Shanghai Composite gained 0.7 percent.  BONDS AND COMMODITIES: Traders bought U.S. government bonds after the jobs report, pushing Treasury prices up and yields down. The yield on the 10-year Treasury note dipped to 2.75 percent from 2.80 percent late Thursday. The price of crude oil rose 85 cents to $101.13 a barrel. Gold gained $13.50 to $1,298.10 an ounce.

 

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