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BUSINESS Thursday 4 OcTOber 2018
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US stocks jump after jobs report; Italy debt worries ease

By MARLEY JAY Firm might file for bankrupt-
Associated Press cy protection as soon as
NEW YORK (AP) — U.S. this week.
stocks are climbing IN FOR A PENNEY: J.C. Pen-
Wednesday after a survey ney climbed 7.7 percent
by payroll processor ADP to $1.68 after it named Jill
showed strong hiring by pri- Soltau, the president and
vate businesses in Septem- CEO of fabric and crafts
ber and a trade group said company Jo-Ann Stores, as
services firms produced its next CEO. Soltau will start
more and hired more work- at Penney in mid-October.
ers. Banks are rising as in- Its previos CEO, Marvin El-
terest rates move higher. lison, stayed for less than
European stocks rose after four years before leaving
the Italian government said to became CEO of home
it will gradually reduce its improvement chain Lowe's.
deficits over the next few Penney's stock is down al-
years. most 50 percent in 2018,
KEEPING SCORE: The S&P and has plunged almost
500 index jumped 12 points, 80 percent in the past five
or 0.4 percent, to 2,935 as years.
of noon and is on track for ENERGY: Benchmark U.S.
a record high. The Dow crude fell 0.1 percent to
Jones Industrial Average, In this Tuesday, Oct. 2, 2018, file photo trader Michael Milano, left, and specialist Jay Woods work $75.18 a barrel in New York.
which finished at an all-time on the floor of the New York Stock Exchange. U.S. crude futures closed at
high Tuesday, gained 141 Associated Press their highest price in just un-
points, or 0.5 percent, to rose 1.3 percent to $90.96 HEAVY METAL: Century Alu- 0.9 percent after dropping der four years on Monday.
26,915. The Nasdaq com- and Bank of America add- minum tumbled after Norsk 5 percent over the previous Brent crude, used to price
posite added 35 points, or ed 1.1 percent to $29.90. Hydro said it is shutting five days. Italian govern- international oils, rose 0.4
0.4 percent, to 8,035. Industrial and technology down its Alunorte plant in ment bond prices climbed percent at $85.17 a barrel
The Russell 2000 index rose companies also climbed. Brazil. Alunorte is the world's and the yield on the 10- in London.
10 points, or 0.7 percent, to Apple jumped 1.3 percent largest alumina refinery, year bond fell sharply, to CURRENCIES: The dollar rose
1,666. It's fallen 5 percent to $232.31 and Intel rose and that could leave Cen- 3.30 percent from 3.44 per- to 114.16 yen from 113.69
since the end of August as 1.1 percent to $48.62 while tury Aluminum without cent. yen. The euro fell to $1.1520
investors have grown less Boeing gained 1.2 percent enough of a critical mate- The CAC 40 in France rose from $1.1545.
worried about trade ten- to $390.91 and Caterpil- rial used in making alumi- 0.4 percent while the FTSE ASIA'S DAY: Asian stocks fell
sions between the U.S. and lar added 1.6 percent to num. Century Aluminum fell 100 in Britain rose 0.5 per- as traders worried about by
other countries. $157.24. 11.9 percent to $10.49, and cent. German markets rising oil prices and weak
ECONOMIC DATA: Private GM FUELS UP: General Mo- shares of Norsk Hydro lost were closed for a holiday. economic data in Japan.
businesses in the U.S. add- tors rose 2.1 percent to 11.8 percent in Norway. SLEEPING EASY: Tempur Japan's benchmark Nik-
ed 230,000 jobs in Septem- $33.99 after Honda agreed Rival aluminum producer Sealy jumped 11.1 percent kei 225 fell 0.7 percent and
ber, according to ADP. to invest $2.75 billion in GM's Alcoa, which produces its to $53.77 after Reuters re- Hong Kong's Hang Seng
That's the biggest total in autonomous vehicle busi- own alumina, rose 6.6 per- ported that rival Mattress dropped 0.1 percent.q
seven months. Hiring was ness over the next 12 years. cent to $44.32.
strong in most major indus- Honda lost 3.4 percent to OVERSEAS: Stocks in Europe
tries. The federal govern- $29.42. Japanese technol- rose after Italy's economy
ment will release a report ogy firm SoftBank said in minister backed down on
Friday that covers hiring by May that it would pay $2.25 spending plans that would
private businesses and also billion for a 20 percent stake keep the country's deficit
by governments. in the GM business, which is at an elevated level for
A trade group said U.S. ser- called Cruise. three years. That relieved
vices firms produced more, GM is often seen as the investors who were worried
hired more workers, and company in second place about Italy's debts and the
took more orders in Sep- in the race to get autono- possibility of tensions be-
tember, and all of those mous cars on the market, tween the country and the
things happened at a fast- trailing Google's Waymo European Union.
er pace than in the month unit. The FTSE MIB in Italy gained
before. The Institute for Sup-
ply Management's services
index rose to its highest lev-
el in about a decade.
Bond prices dropped
sharply. The yield on the
10-year Treasury note rose
to 3.12 percent, near its
high for the year and up
sharply from 3.05 percent
a day earlier. That helped
banks, which are able to
charge higher interest rates
on long-term loans when
bond yields rise. Comerica