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US stocks brush off year’s first wobble, return to records
A logo for the New York Stock Exchange is displayed above the trading floor. U.S. stocks brushed after a whiff of nervousness bump Wednesday when
wafted through markets a worries rose that a jump in
aside their first wobble of the year and got back to setting records on Thursday. day earlier as interest rates interest rates could derail
rose. After rates held steady the ascent. Rates have
(AP Photo/Mark Lennihan) on Thursday, the Standard been ultra-low since the
& Poor’s 500 index marked Great Recession, a culmi-
By STAN CHOE first wobble of the year and of oil touched its highest its seventh gain in the last nation of a decline in bond
eight days. yields over the last three-
AP Business Writer got back to setting records level since 2014. The S&P 500 rose 19.33 plus decades. “Everyone’s
points, or 0.7 percent, to a on edge about waiting
NEW YORK (AP) — U.S. on Thursday. Energy stocks The gains for indexes record 2,767.56. The Dow for what’s to come,” even
Jones industrial average though central banks have
stocks brushed aside their led the way after the price marked a return to calm, rose 205.60 points, or 0.8 promised to take a slow
percent, to 25,574.73, the path toward higher rates,
Nasdaq composite gained said Marina Severinovsky,
58.21 points, or 0.8 percent, investment strategist at
to 7,211.78 and the Russell Schroders.
2000 index of small-cap “There shouldn’t be a fall-
stocks surged 26.99 points, ing-off-the-cliff mentality,
or 1.7 percent, to 1,586.79. but we’re so primed,” she
Optimism about a strength- said. “We’re 30 years into
ening global economy this, waiting for the trigger.”
and growing corporate Rates retreated on Thurs-
profits have helped pro- day after China’s foreign
pel markets even though exchange regulator chal-
stocks have become more lenged a report that had
expensive than they’ve helped drive up yields,
historically been relative which said China may slow
to earnings. The market’s or halt purchases of U.S.
smooth ride upward hit a Treasurys.q
Walmart boosts starting pay, closing dozens of Sam’s Clubs
By JOSEPH PISANI into e-commerce distri- erally tight labor market. because unemployment a training program. Target
ALEXANDRA OLSON bution centers. He said it The conversion of stores to rates are at historic lows, had raised its minimum
AP Business Writers was too early to say how e-commerce sites also il- allowing job seekers to be hourly wage to $11 in Octo-
NEW YORK (AP) — Walmart many people would lose lustrates how companies pickier. ber, and said it would raise
confirmed Thursday that it their jobs since some will be are trying to leverage their But low unemployment has wages to $15 by the end of
is closing dozens of Sam’s placed at other Walmart store locations to better meant that retailers have 2020.
Club warehouse stores locations or be rehired to compete against Amazon had trouble attracting and “They raised the minimum
across the country — a the e-commerce sites. as shopping moves online. keeping talented workers, wage because they have
move that seems sure to On Twitter, Sam’s Club re- Online retailers typically experts said. Walmart em- to,” Mark Zandi, chief econ-
cost jobs — on the same sponded to people’s que- pay warehouse employees ployees previously started omist at Moody’s Analytics,
day it announced that it ries by saying, “After a thor- who pack and ship orders at $9 an hour, with a bump said. “The labor market is
was boosting its starting ough review of our existing more than store jobs pay. up to $10 after completing tight and getting tighter.”q
salary for U.S. workers and portfolio, we’ve decided to Job postings at an Amazon
handing out one-time bo- close a series of clubs and warehouse in Ohio, for ex-
nuses to others. better align our locations ample, offer a starting pay
The world’s largest private with our strategy.” of $14.50 an hour.
employer said it was clos- Walmart had earlier cited “This is about the evolu-
ing 63 Sam’s Clubs over the tax legislation that will save tion of retail,” said Michael
next week, with some shut it money in announcing Mandel, chief economic
already. A company of- the higher hourly wages, strategist at the Progressive
ficial who spoke on condi- one-time bonuses and ex- Policy Institute. “The rise of
tion of anonymity because panded parental benefits e-commerce is leading to
he was not authorized to that will affect more than a higher wages.”
discuss details of the de- million hourly workers in the Large employers also have
cision publicly said about U.S. been under pressure to
10 are being repurposed Rising wages reflect a gen- boost benefits for workers
