Home » NEWS » Banking & Finance » US stocks seek fourth straight gain as energy, metals surge

US stocks seek fourth straight gain as energy, metals surge

Stocks are rising Friday for a fourth day straight after the U.S. government said employers added more jobs than expected in February. Energy and metals prices are gaining ground on the latest sign of strength for the economy, and energy and mining stocks are jumping.

KEEPING SCORE: The Dow Jones industrial average picked up 76 points, or 0.5 percent, to 17,019 as of 1 p.m. Eastern time. The Standard & Poor’s 500 index added 10 points, or 0.5 percent, to 2,003. The Nasdaq composite rose 26 points, or 0.6 percent, to 4,733.

The S&P 500 last traded over 2,000 on Jan. 6, the third trading day of the year. The last four-day winning streak for stocks came in early October.

JOBS REPORT: The Labor Department said employers added 242,000 jobs in February as construction, retail and health care companies kept hiring more workers. Consumer demand was solid, and the government also said employers hired more people in December and January than it had previously estimated. More people also looked for work.

THE BIG PICTURE: This week stocks have risen following reports that show the U.S. economy is doing fairly well, including data on construction spending and manufacturing.

Kate Warne, investment strategist for Edward Jones, said she expects continued job and economic growth for the U.S.

“The worries that we’ve been hearing recently about the economy sliding into recession aren’t warranted,” she said. Combined with low inflation rates, she said that’s good news for investors.

BIG SCREEN GETS BIGGER: AMC Theaters, owned by Wanda Group of China, is buying Carmike Cinemas for $1.1 billion. The deal will create the biggest movie theater chain in the world. Earlier this year, Wanda said it would buy Legendary Entertainment, a studio that co-financed movies including “Jurassic World” and “The Dark Knight.” Carmike climbed $4.16, or 16.6 percent, to $29.27.

BONDS: Bond prices tumbled and the yield on the 10-year Treasury note rose to 1.89 percent from 1.84 percent late Thursday.

METALS: Metals prices kept climbing. Gold rose about 1 percent to $1,269 an ounce and silver jumped 4 percent to $15.72 an ounce. Copper rose 3 percent to $2.28 a pound.

Copper mining company Freeport-McMoRan gained $1.12, or 12.3 percent, to $10.23 and aluminum producer Alcoa rose 40 cents, or 4.3 percent, to $9.88. Gold miner Newmont Mining picked up 26 cents to $27.08.

OIL: The price of U.S. crude oil rose $1.28, or 3.7 percent, to $35.85 a barrel in New York. Brent crude, the benchmark for international oils, added $1.49, or 4 percent, to $38.56 a barrel in London. While U.S. oil is still down significantly this year, Brent, the international standard, is now higher than it was at the beginning of the year.

U.S. oil prices are also on track to rise for the third week in a row, which hasn’t happened since May.

Energy stocks climbed for the fourth day in a row. Southwestern Energy rose to 90 cents, or 12.3 percent, to $8.24 and drilling rig operator Transocean gained $2.23, or 20.6 percent, to $13.06.

HP HIGH POINT: Hewlett Packard Enterprise, an information technology products and service company, reported a stronger profit and greater sales than analysts had expected. Its stock surged $1.88, or 13.8 percent, to $15.48.

TAXED: H&R Block tumbled after its quarterly profit and revenue disappointed investors. The company said people are filing their taxes later and refunds are taking longer to process as efforts to fight tax fraud increase. The stock dropped $5.44, or 16.5 percent, to $27.46.

OVERSEAS: Britain’s FTSE 100 gained 1.1 percent and France’s CAC 40 rose 0.9 percent. Germany’s DAX was up 0.7 percent. Japan’s Nikkei 225 index closed 0.3 percent higher and Hong Kong’s Hang Seng added 1.2 percent. South Korea’s Kospi edged 0.1 percent lower.

CURRENCIES: The euro rose to $1.1007 from $1.0959 the day before while the dollar edged up to 113.90 yen from 113.57 yen.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Associated Press

Leave a Reply

Your email address will not be published. Required fields are marked *

*