Stocks hold at highs as hiring surges in June - KSWO, Lawton, OK- Wichita Falls, TX: News, Weather, Sports. ABC, 24/7, Telemundo -

Stocks hold at highs as hiring surges in June

By STEVE ROTHWELL

AP Markets Writer NEW YORK (AP) - Stocks held at record levels Wednesday following a report that business hiring surged in June, a promising sign for economic growth. The report comes a day after news of stronger manufacturing in the U.S. and China helped push the stock market to another all-time high.

KEEPING SCORE: The Standard and Poor's 500 index rose was little changed at percent, to 1,973 as of 1:34 p.m. in New York. The Dow Jones industrial average climbed eleven points, less than 0.1 percent, to 16,967. Both the S&P 500 and the Dow closed at all-time highs on Tuesday. The Nasdaq composite rose one point, or less than 0.1 percent, to 4,460.

JOBS: ADP, a payroll processer, said businesses added 281,000 jobs last month, up from 179,000 in the previous month. The figure suggests the government's jobs report, due out Thursday, could also show a significant gain from May's tally of 217,000 jobs. The ADP survey only looks at the private sector, however, and often diverges from the government's more comprehensive report.

THE QUOTE: "The economy is on an upward trend and that bodes well for the stock market," said Ed Hyland, a global investment specialist at a JPMorgan Private Bank. "Corporate earnings will continue to grow as the economy grows."

BOTTOMS UP: Constellation Brands, the owner of the Corona and Negra Modelo beer brands, jumped $2.82, or 3.2 percent, to $91.21 after the company said its fiscal first-quarter net income soared. The earnings exceed the expectations of Wall Street analysts.

HITTING TURBULENCE: Delta Air Lines dropped $2.15, or 5.3 percent, to $38.17 after the company said that growth in a key revenue figure slowed in June. Delta said revenue per passenger fell on international routes because of a dip in business travel to Latin America during the World Cup soccer tournament and more passenger-carrying capacity among all airlines.

BUYBACK PUSH: Monsanto rose $2.75, or 2.2 percent, to $127 after the company said late Tuesday that it had entered into an "accelerated share repurchase" agreement with JPMorgan and Goldman Sachs. Under the terms of the agreement the company will buy $6 billion of its own stock.

BANK BOUNCE: Bank of America rose 37 cents, or 2.4 percent, to $15.97 after analysts at Deutsche Bank raised their rating on the stock, saying that many of the potential negatives for the stock have already been identified and priced in. Bond trading should pick up after a slump and more merger activity should also boost fees, the analysts said.

BONDS AND COMMODITIES: Government bond prices fell. The yield on the 10-year Treasury note, which moves opposite to its price, rose to 2.61 percent from 2.57 on Tuesday. The price of oil dropped 80 cents, or 0.8 percent, to $104.54.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

  • Local NewsNewsMore>>

  • GOP divided over new course after House health care debacle

    GOP divided over new course after House health care debacle

    Tuesday, March 28 2017 4:14 AM EDT2017-03-28 08:14:08 GMT
    Tuesday, March 28 2017 4:14 AM EDT2017-03-28 08:14:08 GMT

    House Republicans are gathering Tuesday to discuss their agenda, their first meeting since a vote for the GOP health care bill was suddenly abandoned last Friday.

    House Republicans are gathering Tuesday to discuss their agenda, their first meeting since a vote for the GOP health care bill was suddenly abandoned last Friday.

  • Company: Oil in pipeline under Missouri River reservoir

    Company: Oil in pipeline under Missouri River reservoir

    Tuesday, March 28 2017 12:03 AM EDT2017-03-28 04:03:40 GMT
    Tuesday, March 28 2017 12:03 AM EDT2017-03-28 04:03:40 GMT

    The Dakota Access pipeline developer says it has oil placed in the pipeline under a Missouri River reservoir and that the full pipeline will be in service soon.

    The Dakota Access pipeline developer says it has oil placed in the pipeline under a Missouri River reservoir and that the full pipeline will be in service soon.

  • Trump takes aim at Obama's efforts to curb global warming

    Trump takes aim at Obama's efforts to curb global warming

    Tuesday, March 28 2017 12:03 AM EDT2017-03-28 04:03:08 GMT
    Tuesday, March 28 2017 12:03 AM EDT2017-03-28 04:03:08 GMT
    FILE: Donald Trump hands a pen to Rep. Bill Huizenga, after signing House Joint Resolution 41 in the Oval Office of the White House i Feb. 14, 2017. (AP Photo/Evan Vucci)FILE: Donald Trump hands a pen to Rep. Bill Huizenga, after signing House Joint Resolution 41 in the Oval Office of the White House i Feb. 14, 2017. (AP Photo/Evan Vucci)

    President Donald Trump will sign an executive order Tuesday that will suspend, rescind or flag for review more than half-a-dozen measures that were part of former President Barack Obama's sweeping plan to curb...

    President Donald Trump will sign an executive order Tuesday that will suspend, rescind or flag for review more than half-a-dozen measures that were part of former President Barack Obama's sweeping plan to curb global warming.

Powered by Frankly