Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Classified Sites

The Canadian Press - ONLINE EDITION

Stock market heads higher after government says employers added 217K workers last month

FILE - This March 4, 2013 file photo shows a sign for Wall Street on the side of building near the New York Stock Exchange. Stock futures rose Friday, June 6, 2014, after the government said U.S. employers hired at a good clip for the fourth month in a row. (AP Photo/Mark Lennihan, File)

Enlarge Image

FILE - This March 4, 2013 file photo shows a sign for Wall Street on the side of building near the New York Stock Exchange. Stock futures rose Friday, June 6, 2014, after the government said U.S. employers hired at a good clip for the fourth month in a row. (AP Photo/Mark Lennihan, File)

NEW YORK, N.Y. - The stock market headed higher in early Friday trading following news that U.S. employers added workers at a good clip for the fourth month in a row. Hertz plunged after saying it would need to restate three years of its financial results because of accounting errors.

KEEPING SCORE: The Standard & Poor's 500 index gained five points, or 0.3 per cent, to 1,945 in the first 45 minutes of trading. The index, which is a benchmark for most investment funds, reached another all-time high the day before. The Dow Jones industrial average rose 48 points, also 0.3 per cent, to 16,886, and the Nasdaq composite climbed 14 points, or 0.4 per cent, to 4,311.

EMPLOYMENT PICTURE: The Labor Department said employers added 217,000 jobs to their payrolls in May. That's down from 282,000 in April but in the range of what economists had expected. The unemployment rate stayed put at 6.3 per cent. Wall Street's forecasters had expected it to inch up a notch.

RENTAL REDO: Hertz slumped after the car-rental company said in a regulatory filing that it needs to correct its financial results for the past three years because of accounting errors. Hertz Global Holdings dropped $2.81, or 9 per cent, to $27.61.

BIG DEBUT: Arista Networks soared in its first day of trading on the New York Stock Exchange. Arista raised $225 million from investors in its initial public offering late Thursday, selling more than five million shares at a price of $43 each. The company makes networking equipment for cloud computing and had reportedly delayed its IPO after tech stocks took a beating in April.

Arista's stock jumped $13.52, or 30 per cent, to $56.55.

EUROPE: Major European markets climbed Friday. Germany's main stock index, the DAX, rose 0.5 per cent, while France's CAC 40 gained 0.8 per cent. Britain's FTSE 100 added 0.4 per cent.

ASIA: By contrast, most Asian markets ended lower. Hong Kong's Hang Seng closed down 0.7 per cent. In mainland China, the Shanghai Composite Index lost 0.5 per cent. Japan's Nikkei 225 ended little changed.

BONDS AND COMMODITIES: In the market for U.S. government bonds, the yield on the 10-year Treasury slid to 2.56 per cent from 2.59 per cent late Thursday. Yields fall when bond prices rise. The price of oil rose 45 cents to $102.92 a barrel.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
The First World War at 100
Why Not Minot?
Welcome to Winnipeg

Social Media