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2 June 2017
 |
U.S.Stocks (The Total Investment & Insurance
Solutions)
Bond yields touched their lowest level of the year and the dollar's
value dipped against other currencies Friday after the nation's job growth
slowed more than expected last month. Stock indexes hugged close to their
record highs. The Total Investment
& Insurance Solutions
KEEPING SCORE: The Standard & Poor's 500
index rose 2 points, or 0.1 percent, to 2,432, as of 10:40 a.m. Eastern time.
The Dow Jones industrial average added 19 points, or 0.1 percent, to 21,164,
and the Nasdaq composite rose 25 points, or 0.4 percent, to 6,272. All three
indexes added to records set on Thursday. The Total Investment & Insurance Solutions
INTEREST RATES: Bond yields fell immediately
following the release of Friday's jobs report. After sitting at roughly 2.20
percent shortly before the 8:30 a.m. release, the yield on the 10-year yield
Treasury sank as low as 2.15 percent within 20 minutes. That's its lowest level
since mid-November. It pared its loss to sit at 2.16 percent, down from 2.21
percent late Thursday.
The two-year Treasury yield fell to 1.27
percent from 1.30 percent, and the 30-year yield fell to 2.82 percent from 2.86
percent. The Total Investment &
Insurance Solutions
THE JOB MARKET: Employers added 138,000 jobs
last month, short of economists' expectations. The government also said that
hiring was weaker in March and April than it had earlier reported. The
unemployment rate fell to 4.3 percent last month, its lowest level since 2001.
Many economists say they don't expect the
latest jobs report to dissuade the Federal Reserve from raising interest rates
again at its next policy meeting in two weeks. The job market and inflation
remain strong enough, they say. The central bank has been trying to pull rates
gradually off their record low following the Great Recession, and it has raised
rates twice since December.
LOW ENERGY: Energy stocks deepened their
losses for 2017 after the price of oil sank. Benchmark U.S. crude oil fell 82
cents, or 1.7 percent, to $47.54 per barrel. Brent crude, used to price
international oils, sank 94 cents to $49.69 per barrel. The Total Investment & Insurance Solutions
Energy stocks in the S&P 500 lost 1.2
percent Friday, the biggest loss among the 11 sectors that make up the index.
They're down 14.1 percent for the year when the overall index is up 8.7
percent.
Transocean fell 26 cents, or 2.9 percent, to
$8.97, and Marathon Oil lost 37 cents, or 2.8 percent, to $12.73. The Total Investment & Insurance
Solutions
BANK PAIN: Friday's drop in interest rates
hurt financial stocks, because higher rates would have allowed banks to charge
more for loans make bigger profits. Financial stocks in the S&P 500 fell
0.5 percent.
GETTING REAL: The drop in interest rates had
the opposite effect for stocks in industries that pay big dividends.
Real-estate investment trusts in the S&P 500 rose 0.7 percent, for example.
Dividends look more attractive to income investors when bonds are paying less
in interest.
STRETCHING HIGHER: Lululemon jumped $7.21, or
14.8 percent, to $55.88 after the athletic apparel company reported better
results for the latest quarter than analysts expected.
GETTING HEALTHY: Cooper, a maker of surgical
and contact-lens products, surged to the biggest gain in the S&P 500 after
it reported stronger quarterly earnings than expected and raised its forecast
for full-year profit. It rose $18.93, or 8.6 percent, to $238.72.
CHIPPING IN: Broadcom rose $15.27, or 6.5
percent, to $249.86 after the chipmaker reported stronger quarterly revenue and
profit than Wall Street had forecast.
QUARTERED: RH, a home-furnishings retailer,
plunged $14.60, or 25.5 percent, to $42.65 after it cut its profit forecast for
the year. The Total Investment &
Insurance Solutions
COMMODITIES: Gold rose $7.70 to $1,227.80 per
ounce, silver added 11 cents to $17.40 per ounce and copper lost 2 cents to
$2.57 per pound.
Natural gas was close to flat at $3.00 per
1,000 cubic feet, wholesale gasoline fell 3 cents to $1.57 per gallon and
heating oil dipped 2 cents to $1.48 per gallon.
CURRENCIES: The dollar fell to 110.47
Japanese yen from 111.33 yen late Thursday. The euro rose to $1.1271 from
$1.1214, and the British pound fell to $1.2873 from $1.2876.
OVERSEAS MARKETS: Japan's Nikkei 225 index
rose 1.6 percent to cross above the 20,000 level for the first time since 2015.
Hong Kong's Hang Seng index rose 0.4 percent, and South Korea's Kospi jumped
1.2 percent. The Total Investment &
Insurance Solutions
In Europe, Germany's DAX gained 1.2 percent,
and the French CAC 40 rose 0.4 percent. The FTSE 100 in London added 0.1
percent.The Total Investment &
Insurance Solutions
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