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BUSINESS A25
Saturday 6 May 2017
After jobs report, a late push takes stocks to new records
MARLEY JAY In celebration of Cinco de Mayo, Constellation Brands brought a Mariachi band to play on the percent, to $46.22 a barrel
AP Markets Writer floor of the New York Stock Exchange before the closing bell, Friday, May 5, 2017. in New York. Brent crude,
NEW YORK (AP) — A solid the standard for interna-
pickup in hiring last month (AP Photo/Richard Drew) tional oil prices, added 72
helped push the stock mar- cents, or 1.5 percent, to
ket to record highs Friday. gains and the impact on Employers in the United economic growth. $49.10 barrel in London. Oil
The gains were driven by corporate margins as we States added 211,000 jobs prices had fallen earlier this
energy, technology and move into 2018,” he said. in April, according to the Energy companies week as investors wonder
industrial companies. The Standard & Poor’s 500 Labor Department. That if OPEC will extend a deal
The Labor Department told index climbed 9.77 points, comes after slow hiring bounced back as the price that trimmed oil produc-
investors what they had or 0.4 percent, to 2,399.29. over the first three months tion. Occidental Petroleum
hoped to hear: employers The Dow Jones indus- of the year and sluggish of oil steadied. After two rose $2.38, or 4.1 percent,
added more workers last trial average rose 55.47 to $60.40 and Transocean
month after a sluggish be- points, or 0.3 percent, to steep losses in three days, jumped 84 cents, or 8.1
ginning to the year. 21,006.94. percent, to $11.18. Baker
Energy companies rose as The Nasdaq composite benchmark U.S. crude oil Hughes gained $1.92, or
the price of oil recovered jumped 25.42 points, or 0.4 3.3 percent, to $59.33.
from losses earlier in the percent, to 6,100.76, which jumped 70 cents, or 1.5 Apple jumped $2.43, or
week. Media companies beat a record it set earlier 1.7 percent, to $148.96,
like CBS and Charter Com- this week. The Russell 2000 another record for the
munications recovered index of smaller-company world’s most valuable pub-
from their losses earlier stocks added 8.15 points, licly-traded company. That
in the week. Technology or 0.6 percent, to 1,397. helped tech stocks move
companies rose, but IBM higher.
missed out after billionaire Basic materials makers ad-
investor Warren Buffett said vanced. Dow Chemical
he sold a large part of his gained $1.67, or 2.7 per-
stake in the company. cent, to $63.09 and gas
After a quiet morning, supplier Praxair rose $3.16,
stocks rose in the afternoon or 2.5 percent, to $129.48.
and the S&P 500 finished Fertilizer maker CF Indus-
above the all-time high tries climbed $1.35, or 5
close it set March 1. percent, to $28.42.q
Scott Wren, senior global
equity strategist at Wells
Fargo’s Investment Insti-
tute, said stocks benefited
from the combination of
greater hiring and slower
wage growth because if
wages rise too quickly it will
affect corporate profits.
“The market is likely to be
concerned about wage
US consumer borrowing rises
solid $16.4 billion over March
PAUL WISEMAN cent.
Economists watch consum-
AP Economics Writer er borrowing closely. Con-
sumer spending accounts
WASHINGTON (AP) — for about 70 percent of U.S.
economic activity.
American consumers The government reported
earlier this week that con-
stepped up their borrowing sumer spending was flat in
February and March, one
in March, taking out more reason the economy grew
at a lackluster 0.7 percent
loans for cars and school. annual pace in the first
quarter of 2017. Still, most
The Federal Reserve report- economists expect growth
to pick up in the spring and
ed Friday that total con- summer.
The Fed decided this week
sumer borrowing rose by to leave interest rates un-
changed but signaled
$16.4 billion, or 5.2 percent, that it expects economic
growth and hiring to be
in March, up from a $13.7 strong enough to justify
rate hikes later this year.
billion increase in Febru-
ary and the biggest uptick
since November’s $25.5 bil-
lion jump.
The category that includes
student and auto loans
jumped by nearly $14.5 bil-
lion, or 6.2 percent —the
most in five months. The
category that covers credit
cards rose more modestly,
up by $2 billion or 2.4 per-
