Page 11 - MIN.SOC 2 APRIL,2016
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BUSINESSSaturday 2 April 2016
Wall Street jumps after solid March jobs report
MARLEY JAY Trader William McInerney, left, and specialist Jay Woods work on the floor of the New York Stock riott chain. The consortium
AP Markets Writer Exchange. U.S. stocks climbed Friday after the government said job growth continued at a strong said it withdrew its offer
NEW YORK (AP) — U.S. clip in March. because of market condi-
stocks climbed Friday af- tions. Starwood had ac-
ter the government said (AP Photo/Richard Drew) cepted a $14 billion offer
job growth continued at a from Marriott but said Mon-
strong clip in March. Mak- steady in spite of all the ed gradually higher. plies, which has hurt prices. day that Anbang’s bid was
ers of consumer goods and stock market turmoil this Consumer companies rose. U.S. crude fell $1.55, or 4 probably better.
household products rose, year. “That means more Procter & Gamble, which percent, to $36.79 a barrel Starwood fell $4.05, or 4.9
and health care com- spending on everything makes Pampers diapers, in New York. Brent crude, percent, to $79.38 and
panies rebounded. The from housing to McDon- Tide detergent and Olay the benchmark for pricing Marriott lost $4.04, or 5.7
solid employment report ald’s,” she said. “It’s one beauty products, gained international oils, gave up percent, to $67.14. Star-
helped U.S. stocks stay out more confirmation that the $1.22, or 1.5 percent, to $1.66, or 4.1 percent, to wood and Marriott would
of a steep global decline. worries from earlier in the $83.53. Drugstore chain $38.67 a barrel in London. become the biggest ho-
Early in the day stocks tum- year really weren’t war- Walgreens rose $2.46, or 2.9 Marathon Oil retreated 70 tel chain in the world, and
bled along with the prices ranted.” percent, to $86.70. Mon- cents, or 6.3 percent, to competing hotel compa-
of oil and precious metals, The Dow Jones industrial delez, the maker of Oreo $10.44 and Diamond Off- nies also fell. Hilton shed
but they recovered in the average rose 107.66 points, cookies and Trident gum, shore Drilling lost 76 cents, 51 cents, or 2.3 percent, to
afternoon and finished at or 0.6 percent, to 17,792.75. added $1.12, or 2.8 per- or 3.5 percent, to $20.97. $22.01.
their highest levels of the The Standard & Poor’s 500 cent, to $41.24. In an abrupt reversal, a Regeneron Pharmaceuti-
day. The Labor Depart- index added 13.04 points, Energy prices dropped as consortium led by Anbang cals made its biggest gain
ment’s monthly jobs report or 0.6 percent, to 2,072.78. investors became more Insurance Group ended its in four years after an ec-
showed that employers The Nasdaq composite in- pessimistic about the fate effort to buy Starwood Ho- zema drug it is developing
added 215,000 jobs last dex gained 44.69 points, of a proposed deal for ma- tels & Resorts. The group with Sanofi met its goals in
month, a sign the econo- or 0.9 percent, to 4,914.54. jor oil-producing nations to had offered to buy Star- a late-stage clinical trial.
my isn’t slowing down. En- Stocks haven’t made reduce production. That wood for $15 billion, which The stock surged $44.81, or
ergy companies took big many sharp moves in re- would help address a gi- surpassed a $14 billion offer 12.4 percent, to $405.25,
losses. Hotel companies cent weeks, but have drift- gantic glut in global sup- from the competing Mar- leading a recovery in drug-
and airlines both tumbled. making stocks. Biotechnol-
The jobs report was a bit ogy companies including
stronger than investors ex- Amgen and Gilead Sci-
pected but was consistent ences also traded higher.
with hiring over the last few Tesla Motors gained $7.82,
years. That shows employ- or 3.4 percent, to $237.59
ers are confident enough after the electric car com-
to add staff even though pany said it received a
overall economic growth flood of orders for Model
has slowed down. More 3, the new, lower-priced
people also looked for vehicle it announced on
work and wages edged Thursday. On Twitter, CEO
higher. Elon Musk said the compa-
Kate Warne, investment ny has booked 198,000 or-
strategist for Edward Jones, ders. Other automakers fell
said the report shows the even though most com-
U.S. economy is staying on panies reported strong
track and growth remains monthly sales.q
Investor Derby: Gold won first quarter, stocks win long term
AP Business Writer track record over the last than half their value and
decade is far from glitter- terrified retirement savers.
NEW YORK (AP) — Another ing, though. Last quarter’s Someone who put in $500
jump allowed the gold every month into a broad
quarter, another lesson in fund to cut only a bit into U.S. stock fund over the
the long string of losses last decade would have
long-term investing. it has turned in for years. $101,181 today, a gain of
Over the last five years, an $41,181 on the $60,000 they
Economic uncertainty investor who had faithfully invested over that time.
put in $500 a month into A small subset of the U.S.
around the world and a that gold fund lost money stock market, real-estate
on the investment. investment trusts, has per-
brutal start to the year for Investors who did the same formed even better, a
over the last 10 years are surprise considering the
stocks helped send the only slightly in the black. real-estate bubble is what
And they have only about got the economy into its
price of gold surging to its two-thirds what they would mess. But REITs rebounded
if they had simply invested strongly following the fi-
best quarter in 30 years. in a broad U.S. stock market nancial crisis because they
fund. The AP analysis, using tend to pay relatively big
But an analysis of 10 com- data from FactSet, shows dividends, and investors
that the top-performer were hungry for income in
mon investments by the As- over the past 10 years for a low-interest rate world.q
sociated Press shows that 10-gram gold bars lie on display in Dubai, United Arab Emirates.
Gold was one of the best investments to own in the first quarter
regular investors who put a of 2016, but that follows a string of disappointing returns. The best
investments that diligent savers have owned over the last de-
steady amount of money cade are those that focus on U.S. stocks.
every month into an ac- (AP Photo/Kamran Jebreili)
count like a 401(k) would
have been far better off in
stocks or bonds.
In just the first three months regular investors — those has been U.S. stocks. That
who invest a portion of their period includes the entire
of 2016 the biggest gold income every month and Great Recession, which
hold for the long term — caused stocks to lose more
exchange traded fund
soared 16 percent. Gold’s
