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Dow Jones News Today: Stocks Climb Higher as Wall Street Dismisses Lackluster Jobs Report

This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission.

In Dow Jones news today, stock prices climbed despite a lukewarm May jobs report from the U.S. Labor Department.

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Here are the numbers from Friday for the Dow, S&P 500, and Nasdaq:

Index Closing Point Change Percentage Change
Dow Jones 21,206.29 +62.11 +0.29%
S&P 500 2,439.07 +9.01 +0.37%
Nasdaq 6,305.80 +58.97 +0.94%

Now here’s a closer look at today’s most important market events and stocks, plus Monday’s economic calendar.

The Five Top Stock Market Stories for Friday

  • This morning, the U.S. Labor Department announced that the American economy added 138,000 jobs in May, far short of the 185,000 positions projected by economists. After the report, attention turned to the Federal Reserve. Interest rates are expected to be raised this month, as the central bank has called for at least two more rate hikes in 2017. Here’s more on whether the Fed should raise interest rates in the coming weeks.
  • With markets no longer anticipating two rate hikes in 2017, shares of Bank of America Corp. (NYSE: BAC), JPMorgan Chase & Co. (NYSE: JPM), and Goldman Sachs Group Inc. (NYSE: GS) were all down on the day.

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  • Crude oil prices pushed lower as global traders weigh last week’s decline in U.S. inventories and OPEC’s extension to its production deal by 12 months. Traders were also speculating on the long-term impact of President Donald Trump’s decision to pull the United States out of the Paris climate agreement. WTI crude oil price today dipped 1.2%, and Brent crude fell 1.1%.
  • Americans know Blue Apron as the company that has delivered food kits and pioneered a new home service sweeping the nation. But now the firm is planning its initial public offering. The company, launched five years ago, filed yesterday to go public. The company plans to trade under the symbol “APRN.”

Dow Jones news today

  • CEOs across the country are telling President Trump that he was wrong to pull the U.S. out of the Paris climate agreement. Today, JPMorgan Chase CEO Jamie Dimon said that he “absolutely” disagreed with the Trump administration over the decision, but he said it was important to stay engaged with America’s elected officials. His statement came after Tesla Inc. (Nasdaq: TSLA) CEO Elon Musk and Walt Disney Co. (NYSE: DIS) CEO Bob Iger quit Trump’s business advisory council over the president’s decision. Others expressing disappointment included Apple Inc. (Nasdaq: AAPL) CEO Tim Cook and Facebook Inc. (Nasdaq: FB) CEO Mark Zuckerberg.

Four Stocks to Watch Friday: MYL, AVGO, WDC, AMZN

  • Another day, another Washington scandal. U.S. Sen. Chuck Grassley (R-IA) just revealed that taxpayers overpaid by as much as $1.27 billion for the EpiPen from 2006 to 2016, a whopping $805 million more than the overpayment previously reported. That has ignited outrage against EpiPen’s manufacturer Mylan N.V. (Nasdaq: MYL). How serious is this discovery? Money Morning breaks down the stunning compensation levels for MYL executives during the overpayments, right here.
  • Shares of Broadcom Ltd. (Nasdaq: AVGO) added more than 8% after the semiconductor company topped Wall Street earnings expectations. The stock offered the biggest boost to the Nasdaq and hit a new all-time high.
  • In deal news, Bloomberg reports that Western Digital Corp. (NYSE: WDC) CEO Steve Milligan will travel to Tokyo in the coming days to discuss a new offer for the semiconductor unit of Toshiba. The memory chip industry has experienced significant consolidation in recent years. WDC shares were flat on the day.
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Monday’s U.S. Economic Calendar (all times EDT)

  • Gallup US Consumer Spending Measure at 8:30 a.m.
  • PMI Services Index at 9:45 a.m.
  • Factory Orders at 10 a.m.
  • ISM Non-Manufacturing Index at 10 a.m.
  • Labor Market Conditions Index at 10 a.m.
  • Four-Week Bill Announcement at 11 a.m.
  • Three-Month Bill Auction at 11:30 a.m.
  • Six-Month Bill Auction at 11:30 a.m.
  • TD Ameritrade IMX at 12:30 p.m.

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The post Dow Jones News Today: Stocks Climb Higher as Wall Street Dismisses Lackluster Jobs Report appeared first on Money Morning – We Make Investing Profitable.

Wall Street Examiner Disclosure:Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. I may receive promotional consideration on a contingent basis, when paid subscriptions result. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. No endorsement of third party content is either expressed or implied by posting the content. Do your own due diligence when considering the offerings of information providers.

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