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BUSINESS Saturday 5 auguSt 2017
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Another strong month of hiring sends stock indexes higher

By MARLEY JAY stronger global economy
AP Markets Writer and will help American
NEW YORK (AP) — Banks companies and stocks if
and other stocks climbed growth in the U.S. falters.
Friday after the govern- The Standard & Poor’s 500
ment reported more gains index added 4.67 points,
in hiring last month, the lat- or 0.2 percent, to 2,476.83.
est signal that the economy The Dow Jones industrial
is continuing to hum along. average rose 66.71 points,
The modest gains wrapped or 0.3 percent, to 22,092.81.
up another quiet week for That was its ninth gain in a
the stock market. row. The Nasdaq compos-
The Department of Labor ite climbed 11.22 points,
said U.S. employers added or 0.2 percent, to 6,351.56.
209,000 jobs last month. In- The Russell 2000 index of
vestors sold government smaller companies gained
bonds and bet that inter- 7.09 points, or 0.5 percent,
est rates are going to rise, to 1,412.32.
which lets banks make European stock indexes
more money on loans. made even larger gains.
Technology companies France’s CAC 40 index
also rose. Weight Watch- climbed 1.4 percent and
ers soared after reporting the DAX in Germany Traders Dan Ryan, left, and Edward Schreier work on the floor of the New York Stock Exchange.
a strong quarter while Via- jumped 1.2 percent. The Banks and other stocks climbed Friday after the government reported more gains in hiring last
com, the media company British FTSE 100 gained 0.5 month, the latest signal that the economy is continuing to hum along.
that owns Comedy Central percent. (AP Photo/Richard Drew)
and MTV, sank. Bond prices dropped, the last two weeks. The earnings doing well, inves- let people reading Yelp re-
July was the second con- sending yields higher. The market barely reacted to tors will stay the course un- views order food from res-
secutive month of strong yield on the 10-year Trea- news Thursday that Spe- less something much more taurants that use Grubhub.
hiring, suggesting that the sury note climbed to 2.26 cial Counsel Robert Mueller dramatic happens. Yelp climbed $8.68, or 27.7
U.S. economy is still grow- percent from 2.22 percent impaneled a grand jury as “Selling stocks on a tweet or percent, to $40.05 while
ing steadily as countries as investors concluded it is he continues to investigate a news headline when the Grubhub added $4.37, or
in Europe and less de- more likely the Federal Re- Russia’s meddling in the fundamentals are good is 9.1 percent, to $52.62.
veloped countries come serve will raise interest rates presidential election. going to ultimately lead to Weight Watchers Interna-
out of long slumps.n “The again later in the year. Investors have consistently losses,” he said. tional raised its forecasts for
economy is in pretty good Bank of America climbed ignored surprising or un- Food delivery company the year after it blew past
shape,” said Paul Zemsky, 60 cents, or 2.5 percent, usual news out of Washing- Grubhub and Yelp both analysts’ expectations. The
chief investment officer for to $24.98 and KeyCorp ton, and President Donald jumped after Grubhub company said it had 20
the multi-asset business of picked up 37 cents, or 2.1 Trump’s tweets don’t affect moved to expand its busi- percent more subscribers
Voya Investment Strate- percent, to $18.40. stocks the way they did six ness by buying Yelp’s Eat24 at the end of June than it
gies. “We’re seeing for the Despite the gains Friday months ago either.Zemsky, unit. Along with the $287.5 did a year earlier. Its stock
first time more of a globally and the Dow’s long win- of Voya, said that with the million sale, the companies gained $8.31, or 25.1 per-
synchronized growth.” ning streak, most stocks
He said that will lead to a have hardly moved over economy and corporate announced a deal that will cent, to $41.39. q

Ackman seeks control of ADP and ouster of CEO

formed the company that publicly known for almost a he has called a pyramid
it wants Ackman nomi- year. scheme.
nated to the 10-member Ackman has been one of He has forced changes,
board, along with four oth- the most visible big inves- cheered by investors, at
ers, and it wants to push tors on Wall Street in recent companies like Canadian
back the Aug. 10 deadline years. Pershing was a huge Pacific Railway, as well as
for nominating directors. backer of the embattled Air Products and Chemi-
It also wants Carlos Rodri- drug company Valeant cals Inc.
guez, who has been ADP’s Pharmaceuticals. He has Shares of Automatic Data
CEO for nearly six years, also had a long and very Processing Inc. rose nearly
out. public campaign against 3 percent in premarket
Pershing owns 8 percent Herbalife, a company that trading.q
of ADP, a company with a
market value of $50 billion
which processes checks CONDO FOR SALE
William Ackman testifies on Capitol Hill in Washington. Ackman for about 20 percent of the
is initiating a fight for control of the payroll processing company U.S. work force. 3 BEDROOM CONDO in Tierra del Sol.
ADP and the ouster of its chief executive officer. ADP, based in Roseland,
(AP Photo/Manuel Balce Ceneta) New Jersey, rejected the Facing the Golf Course ground oor,
proposals by Pershing
NEW YORK (AP) — Activ- ouster of its chief executive Square request, saying it’s move in condition with furniture and new
ist investor Bill Ackman has officer. airco system
opened a fight for control ADP said Friday that Ack- not in the best interest of
shareholders.
of the payroll processing man’s Pershing Square Contact Owner at stemel@optonline.net,
company ADP and the Capital Management in- The company also said in USA for more information: 203-526-9329.
that the deadline has been