Published: Sat, June 03, 2017
Business | By Pat Ferguson

Market records; Jobs report; Oil prices drop

Market records; Jobs report; Oil prices drop

Global stock markets have rallied, boosted by data showing that the USA and eurozone economies are gaining momentum, lifting shares in London to a fresh record.

US initial jobless jumped 13,000 to a seasonally adjusted 248,000 for the week ended May 27, the Labor Department said on Thursday.

Nine of the 11 major S&P sectors were higher, with the industrials.SPLRCI index's 0.35 percent rise leading the advancers.The financial.SPSY and energy.SPNY sectors were the only two laggards.Shares of banks such as Bank of America (BAC.N), JPMorgan (JPM.N), Citigroup (C.N) and Goldman Sachs (GS.N) fell between 0.6 percent and 1.3 percent.

The S&P 500 was up 0.26%, the Dow Jones Industrial Average gained 0.3%, and the Nasdaq rose 0.73%.

Nonfarm payrolls increased by 138 000 last month, below the 185,000 expected by economists.

Bond yields sank Friday to their lowest level of the year, and the dollar's value fell against rivals after the nation's job growth slowed last month.

The major indexes hit new all-time records despite lower-than-expected numbers from the latest jobs report.

European Union leader urges Trump not to ditch Paris climate deal
Withdrawing would leave the United States aligned only with Russian Federation among the world's industrialized economies. ExxonMobil CEO Darren Woods wrote a personal letter to Trump earlier this month, urging him to stick to the deal.

The Dow added 136 points to close at 21,144 on Thursday, its first record close since March 1.

The Standard & Poor's 500 index rose 9.01 points, or 0.4 percent, to 2,439.07.

The government reported early Friday that USA employers added 138,000 jobs in May, fewer than expected.

Deere rose $2.24, or 1.8 percent, to $124.70 after it agreed to buy Wirtgen Group, a German maker of road-construction equipment for about 4.6 billion euros, or $5.2 billion, including debt. The report comes ahead of the Federal Reserve's June meeting, where it is expected to raise interest rates.

The S&P 500 and the Nasdaq were both trading at record highs. On the Nasdaq, 1,620 issues rose and 705 fell.

Crude oil futures were down 2% to trade just below $47.50 per barrel.

Brent oil tumbled below $50, heading for a second straight week of losses, on worries that President Donald Trump's decision to abandon a climate pact could spark more crude drilling in the United States, worsening a global glut.

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