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BUSINESSSaturday 5 March 2016
Jobs data keeps Wall Street winning streak alive AP: Factory activity
shrinks in America,
MARLEY JAY The Dow Jones industrial pects continued job and mark for international oils, China in February
AP Markets Writer average rose 62.87 points, economic growth for the rose $1.65, or 4.5 percent,
NEW YORK (AP) — Stocks or 0.4 percent, to 17,006.77. U.S. to $38.72 a barrel in Lon- PAUL WISEMAN
wobbled to the finish Friday The Standard & Poor’s 500 “The worries that we’ve don. AP Economics Writer
but salvaged a four-day index gained 6.59 points, been hearing recently Oil prices climbed about WASHINGTON (AP) — Fac-
winning streak after the U.S. or 0.3 percent, to 1,999.99. about the economy slid- 10 percent this week and tory activity in the United
government said employ- The Nasdaq composite in- ing into recession aren’t have risen for three weeks States and China — the
ers added more jobs than dex edged up 9.60 points, warranted,” she said. Com- in a row, which hadn’t hap- world’s top two economies
pened since May. Brent — slowed in February, re-
Trader Peter Mancuso works on the floor of the New York Stock Exchange. Stocks wobbled to the crude is now higher than it flecting and contributing
finish Friday but salvaged a four-day winning streak after the U.S. government said employers was at the beginning of the to worldwide economic
added more jobs than expected in February. year, although U.S. crude is weakness.
still lower.Energy stocks also In the United States, the In-
(AP Photo/Richard Drew) kept rising. Drilling rig op- stitute for Supply Manage-
erators did the best as in- ment said this week that its
expected in February. That or 0.2 percent, to 4,717.02. bined with low inflation vestors were pleased they manufacturing index rose
was another vote of con- The Labor Department said rates, she said that’s good keep closing rigs to cut to 49.5 last month from 48.2
fidence in the economy. employers added 242,000 news for investors. costs. Transocean climbed in January. But anything
Mining companies made jobs last month. Consumer Metals and energy prices $1.88, or 17.4 percent, to below 50 signals a decline.
the biggest gains as metals demand was solid, and the kept climbing on the con- $12.71. Ensco rose $1.43, or Manufacturing has now
prices climbed. government also said em- tinued signs of life for the 13.1 percent, to $12.36. contracted in the Unit-
The jobs report showed that ployers hired more people economy. The market has now erased ed States for five straight
construction, retail and in December and January Gold, which is trading at most of its losses after a months. Two Chinese sur-
health care companies are than it had previously esti- its highest price in a year, painful start to the year. But veys of manufacturing ac-
still hiring more workers. En- mated. More people also rose $12.50, or 1 percent, there are signs investors are tivity released separately
ergy companies also rose looked for work. to $1,270.70 an ounce. Sil- still worried: investors keep Tuesday showed deteriora-
with the recovering price of This week stocks rose after ver jumped 55 cents, or buying utility and telecom tion in February.
oil. Stocks fell back from an reports on hiring, construc- 3.6 percent, to $15.69 an stocks, which are consid- The global economy has
afternoon peak as investors tion spending and manu- ounce and copper rose ered safe bets when the been lackluster, partly be-
sold telecommunications facturing suggested that 7 cents, or 3 percent, to market is troubled, and the cause the Chinese growth
companies, which have the U.S. economy is doing $2.27 a pound. The price of price of gold has surged has decelerated sharply.
been the best-performing fairly well. Kate Warne, in- U.S. oil jumped $1.35, or 3.9 to its highest levels in more Internationally, manufac-
sector of the market this vestment strategist for Ed- percent, to $35.92 a barrel. than a year. And while turers have endured much
year. ward Jones, said she ex- Brent crude, the bench- stocks have risen the last of the fallout from sluggish
three days, the gains were worldwide growth.
small and came in choppy The ISM reported that U.S.
trading. Warne said inves- manufacturing employ-
tors still feel uneasy about ment and exports fell, but
problems ranging from new orders and produc-
shaky economies outside tion increased.
the U.S., low oil prices, and Some economists say the
uncertainty over when the February ISM index read-
Federal Reserve will raise ing —the highest since
interest rates and what ef- September — signals that
fect that will have on the American manufacturing
economy. “I think we’re might have hit bottom.
going to continue to see Nine of 18 manufacturing
a lot of market volatility,” industries reported growth
she said. AMC Theaters, in February.
owned by Wanda Group “It’s reaching for 50,” said
of China, is buying Carmike Bradley Holcomb, chair of
Cinemas for $1.1 billion. The the ISM’s manufacturing
deal will create the biggest survey committee. “I feel
movie theater chain in the the momentum.”
world.q American manufacturers
have been hurt by cut-
US trade gap widens to $45.7 billion in January backs in the energy in-
dustry, following a sharp
PAUL WISEMAN cent in January to $176.5 But imports slid 1.3 percent with the European Union drop in oil prices, and by a
AP Economics Writer billion, lowest since June $222.1 billion in January, dropped to $12.6 billion strong dollar, which makes
WASHINGTON (AP) — The 2011. Exports of industrial lowest since April 2011. from $13.3 billion in Decem- U.S. goods more expensive
U.S. trade deficit rose in equipment and supplies Lower oil prices explain ber. in foreign markets.
January as American ex- were down. part of the drop. Petroleum Increasing trade deficits “The worst is over, but
ports fell for a fourth straight American exporters have imports of $11.2 billion were drag down U.S. gross do- don’t expect a strong re-
month, the Commerce De- been hurt by weakness the lowest since November mestic product — the bound,” Ian Shepherdson,
partment said Friday. around the world and by 2003. But January imports broadest measure of eco- chief economist at Pan-
The gap between exports a strong dollar that makes of autos and auto parts hit nomic output. Last year, theon Macroeconomics,
and imports climbed to U.S. products more expen- a record $30.6 billion. the gap between exports wrote in a report. The ISM,
$45.7 billion in January from sive overseas. The deficit in the trade of and imports shaved more a trade group of purchas-
a revised $44.7 billion in De- The high dollar should be goods with China rose to than 0.6 percentage points ing managers, surveys
cember. Exports of goods helping imports by making $31.1 billion in January from off annual GDP growth of about 200 U.S. companies
and services fell 2.1 per- them cheaper in America. $29.7 billion. The goods gap 2.4 percent.q each month.q