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Saturday 11 March 2017 BUSINESS
A24

Stocks rise higher after strong jobs report; tech leads

MARLEY JAY it’s up 75 percent over the
AP Markets Writer last year. Competitor Estee
NEW YORK (AP) — Led by Lauder gained $2.78, or 3.4
technology companies, percent, to $85.66.
U.S. stocks rose Friday after Oil prices moved lower
a strong February jobs re- for the fifth day in a row.
port. Most parts of the mar- Benchmark U.S. oil dipped
ket moved higher as inves- another 79 cents, or 1.6 per-
tors wait for the Federal Re- cent, to $48.49 a barrel in
serve to meet next week. New York. After small losses
The central bank is almost early in the week, the price
universally expected to of U.S. crude dropped 9
raise interest rates. percent over the last three
The jobs report was a bit days after the government
better than investors ex- reported a big increase in
pected, but they had as- stockpiles. Brent crude, the
sumed it would show em- international standard, lost
ployers are adding jobs at 82 cents, or 1.6 percent, to
a solid clip. They had also $51.37 a barrel in London.
anticipated since last week Meanwhile Zumiez be-
that the Fed will raise inter- came the latest clothing
est rates next Wednesday, retailer to take a steep loss
and the data did nothing Traders Tommy Kalikas, center, and Fred DeMarco, right, talk as they work on the floor of the New as analysts worried about
to challenge that. Technol- York Stock Exchange, Friday, March 10, 2017. Led by technology companies, U.S. stocks rose its sales projections. The
ogy, industrial and health Friday after a strong February jobs report. company said its sales de-
care companies climbed (AP Photo/Richard Drew) clined in February, and its
while energy companies Dow Jones industrial aver- November election, could equipment and software forecasts for the first quarter
missed out on the rally as oil age gained 44.79 points, lift spending and invest- maker Rockwell Automa- came up short of estimates.
prices continued to fall. or 0.2 percent, to 20,902.98. ment in coming months tion gained $2.13, or 1.4 The stock fell $2.60, or 12.4
“It was a solid report all The Nasdaq composite and accelerate economic percent, to $154.31. percent, to $18.40.
around that reinforces that added 22.92 points, or 0.4 growth. Bond prices rose. The yield The dollar inched up to
the economy is on solid percent, to 5,861.73. A poor jobs report was on the 10-year Treasury 114.78 yen from 114.74 yen.
footing,” said Sameer Sa- Stocks had mostly fallen probably the last thing that note fell to 2.58 percent The euro rose to $1.0692
mana, a strategist for the since March 1, the day in- could have stopped the from 2.61 percent. The dip from $1.0586.
Wells Fargo Investment Insti- dexes soared to their most Federal Reserve from rais- in bond yields and interest Gold fell $1.80 to $1,201.40
tute. Samana said investors recent record highs. ing interest rates next week. rates pushed banks lower an ounce. That small de-
are glad to see continued Overall it was a slow week Technology companies while big-dividend stocks cline was the ninth in a
hiring and more people for stocks. The current bull climbed thanks in part to went higher. Those includ- row for the precious metal.
seeking work, but they’re market had its eighth an- gains for chipmakers. Ap- ed utilities, phone com- Silver slipped 11 cents to
also glad the economy isn’t niversary, but six-week win- plied Materials gained panies and makers of ev- $16.92 an ounce. Copper
gaining strength too quick- ning streaks for the S&P 74 cents, or 2 percent, eryday household goods. gained 2 cents to $2.60 a
ly. That might force the Fed 500 and Nasdaq ended, to $38.12 and Broadcom AT&T picked up 41 cents, pound.
to raise interest rates faster, and the Russell 2000 index rose $4.34, or 2 percent, to or 1 percent, to $42.35 and In other energy trading,
with uncertain effects on of small-company stocks $226.35. Texas Instruments Colgate-Palmolive rose 89 wholesale gasoline gave
the economy. took its biggest loss in three picked up $1.20, or 1.5 per- cents, or 1.2 percent, to up 2 cents to $1.60 a gallon.
“If they go too quickly or months. cent, to $80.33. $72.46. Heating oil shed 3 cents to
raise rates too many times, U.S. employers added General Electric climbed Beauty products retailer $1.50 a gallon. Natural gas
there’s a risk we’ll find our- 235,000 jobs in February, 62 cents, or 2.1 percent, Ulta climbed after it re- gained 3 cents to $3 per
selves in a downturn,” he according to the Depart- to $30.28 to lead industrial ported a bigger profit and 1,000 cubic feet.
said. ment of Labor. The gains in companies higher. Engine stronger sales than ana- The CAC 40 in France rose
The Standard & Poor’s 500 hiring and pay, along with maker Cummins added lysts had expected. The 0.4 percent and the FTSE
index rose 7.73 points, or 0.3 higher consumer and busi- $2.66, or 1.8 percent, to stock gained $12.65, or 4.6 100 index in Britain picked
percent, to 2,372.60. The ness confidence since the $151.50 and industrial percent, to $286.42 and up 0.2 percent. q
US trade deficit jumps to 5-year high of $48.5 billion

MARTIN CRUTSINGER 9.6 percent to $48.5 billion, During the campaign, American goods. rise in imports of mobile
AP Economics Writer up from a December defi- Trump pledged to at- White House trade ad- phones, clothing, televi-
WASHINGTON (AP) — The cit of $44.3 billion, the Com- tack America’s persis- viser Peter Navarro, a sions, toys and games.
U.S. trade deficit jumped merce Department re- tent trade deficits, which long-time critic of Chi- American exporters have
in January to the highest ported this week. It was the he blamed for the loss of na’s trade practices, told struggled over the past two
level in nearly five years as largest monthly gap since millions of good-paying an economists’ group on years as a rising dollar has
a flood of mobile phones a deficit of $50.2 billion in factory jobs. He has threat- Monday that reducing made their goods more ex-
and other consumer March 2012. ened to slap punitive tar- America’s trade deficits pensive and therefore less
products widened Ameri- U.S. exports edged up a iffs on imports from China, would deliver stronger eco- competitive in overseas
ca’s trade gap with China. slight 0.6 percent to $192.1 Mexico and other nations nomic growth and improve markets.
The result underscores the billion, helped by stronger he has accused of trad- national security. Economists believe if the
challenges facing President auto sales. But that was ing unfairly. But econo- For January, the U.S. deficit dollar stabilizes this year,
Donald Trump in fulfilling a swamped by a 2.3 per- mists worry that Trump’s with China increased 12.8 export growth should re-
campaign pledge to re- cent surge in imports to tough talk could spark all- percent to $31.3 billion, the bound, reflecting in part
duce America’s trade defi- $240.6 billion, led by mobile out trade wars in which highest level since Septem- stronger economic growth
cits. phones, oil and foreign- foreign nations retaliate ber. in many of America’s major
The deficit in January rose made cars. by boosting their tariffs on The figure reflects a big export markets. q