Stocks are surging on Wall Street, breaking a four-day losing streak, after the government reported a sharp pickup in hiring by U.S. employers in July.
The Dow Jones industrial average shot up 244 points to 13,123 shortly before noon. The broader Standard & Poor's 500 index rose 28 points to 1,393, and the Nasdaq composite added 62 points to 2,972. Continue reading "Stocks soar on surprisingly strong July job report"
U.S. employers added 163,000 jobs in July, a hopeful sign after three months of sluggish hiring.
The Labor Department said Friday that the unemployment rate rose to 8.3 percent from 8.2 percent in June.
July's hiring was the best since February. Still, the economy has added an average of 151,000 jobs a month this year, roughly the same as last year's pace. That's not enough to satisfy the 12.8 million Americans who are unemployed. Continue reading "US economy adds 163K jobs, rate rises to 8.3 pct."
European leaders on Thursday gamely promised to keep tackling the continent's debt crisis. But the markets wanted much more.
Stocks sank across the U.S. and Europe, the euro fell against the dollar and investors dumped bonds issued by the governments of Spain and Italy. Investors had been expecting more immediate action from the European Central Bank and were disappointed by the plan's lack of details, especially considering the ECB president's pledge last week to do "whatever it takes" to keep the euro intact. Continue reading "With no concrete action in Europe, stocks slump"
After ending the previous session notably lower, treasuries showed a strong move back to the upside on Thursday in reaction to the latest headlines out of Europe.
Bond prices moved sharply higher over the course of the morning but gave back some ground in the afternoon. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 6.1 basis points to 1.478 percent. Continue reading "Treasuries Move Back To The Upside On News Out Of Europe"
(AP:WASHINGTON) The Federal Reserve said Wednesday that the economy is losing strength and repeated a pledge to take further steps if the job market doesn't show sustained improvement.
The Fed took no new action after its two-day policy meeting. But it acknowledged that economic activity had slowed over the first half of the year, unemployment remains elevated and consumer spending has weakened. Continue reading "Fed says US economy has slowed, takes no new steps"