clear
Monday May 4th, 2015 9:03AM

Stocks hold at highs as hiring surges in June

By The Associated Press
NEW YORK (AP) -- Stocks held at record levels Wednesday following a report that business hiring surged in June, a promising sign for economic growth. The report comes a day after news of stronger manufacturing in the U.S. and China helped push the stock market to another all-time high.<br /> <br /> KEEPING SCORE: The Standard and Poor's 500 index was little changed at 1,973 as of 3:11 p.m. in New York. The Dow Jones industrial average climbed 16 points, or 0.1 percent, to 16,972. Both the S&P 500 and the Dow closed at all-time highs on Tuesday. The Nasdaq composite lost three points, less than 0.1 percent, to 4,454.<br /> <br /> JOBS: ADP, a payroll processer, said businesses added 281,000 jobs last month, up from 179,000 in the previous month. The figure suggests the government's jobs report, due out Thursday, could also show a significant gain from May's tally of 217,000 jobs. The ADP survey only looks at the private sector, however, and often diverges from the government's more comprehensive report.<br /> <br /> THE QUOTE: "The economy is on an upward trend and that bodes well for the stock market," said Ed Hyland, a global investment specialist at a JPMorgan Private Bank. "Corporate earnings will continue to grow as the economy grows."<br /> <br /> BOTTOMS UP: Constellation Brands, the owner of the Corona and Negra Modelo beer brands, jumped $2.29, or 2.6 percent, to $90.67 after the company said its fiscal first-quarter net income soared. The earnings exceed the expectations of Wall Street analysts.<br /> <br /> HITTING TURBULENCE: Delta Air Lines dropped $2.15, or 5.3 percent, to $38.17 after the company said that growth in a key revenue figure slowed in June. Delta said revenue per passenger fell on international routes because of a dip in business travel to Latin America during the World Cup soccer tournament and more passenger-carrying capacity among all airlines.<br /> <br /> BUYBACK PUSH: Monsanto rose $2.75, or 2.2 percent, to $127 after the company said late Tuesday that it had entered into an "accelerated share repurchase" agreement with JPMorgan and Goldman Sachs. Under the terms of the agreement the company will buy $6 billion of its own stock.<br /> <br /> BANK BOUNCE: Bank of America rose 37 cents, or 2.4 percent, to $15.97 after analysts at Deutsche Bank raised their rating on the stock, saying that many of the potential negatives for the stock have already been identified and priced in. Bond trading should pick up after a slump and more merger activity should also boost fees, the analysts said.<br /> <br /> BONDS AND COMMODITIES: Government bond prices fell. The yield on the 10-year Treasury note, which moves opposite to its price, rose to 2.62 percent from 2.57 on Tuesday. The price of oil dropped 86 cents, or 0.8 percent, to $104.48.
© Copyright 2015 AccessNorthGa.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Judge denies motions to move, delay Tsarnaev trial
Lawyers for Boston Marathon bombing suspect Dzhokhar Tsarnaev asked a federal appeals court Wednesday to overturn a judge's decision to not move his upcoming trial out of state.
10:02PM ( 4 months ago )
High court to adopt electronic filing of cases
The Supreme Court is belatedly developing an electronic filing system similar to those used in courts around the country, Chief Justice John Roberts said Wednesday in his annual end-of-year report.
7:57PM ( 4 months ago )
Storm brings snow, cold to West for New Year's
A blustery winter storm dumped snow and ice across the West on Wednesday, making driving treacherous in the mountains from California to the Rockies and forcing residents and party-goers in some usually sun-soaked cities to bundle up for a frosty New Year's.
5:19PM ( 4 months ago )
U.S. News
State DOT awards $48M contract for NE Ga. road project
The state Department of Transportation has awarded a $47.8 million contract for nine miles of work on a northeast Georgia road.
9:37AM ( 4 months ago )
Business News
Grass fire impacts rush hour traffic on 985
Rush hour traffic on I-985 was slowed by a grass fire Wednesay afternoon with one lane closed while firefighters fought the blaze.
10:19PM ( 4 months ago )
Hall County conviction, sentencing to be reviewed by SCOGA
The State Supreme Court has agreed to hear the appeal of a Hall County man when they reconvene in January.
2:37PM ( 4 months ago )
Maysville man dies from Banks County wreck
The Georgia State Patrol reports that alcohol and/or drugs were factors a single-vehicle wreck that claimed the life of a Maysville man in Banks County Tuesday night.
11:07AM ( 4 months ago )
Local/State News
Former tech executive Carly Fiorina enters presidential race
WASHINGTON (AP) — Former technology executive Carly Fiorina formally entered the 2016 presidential race on Monday, launching a Republican White House bid in a morning announcement that highlighted her...
8:03AM ( 1 hour ago )
UPDATE: High-wire walker to appear at Tallulah Gorge, but won't walk
High-wire walker Nik Wallenda plans to appear at a summer celebration marking his great-grandfather's walk over Tallulah Gorge in the north Georgia mountains.
By Associated Press
5:42AM ( 3 hours ago )
Sheriff Victor Hill accused of shooting woman in the abdomen in Gwinnett Co.
A Georgia sheriff is accused of shooting a Lawrenceville woman in the abdomen, injuring her critically.
By Associated Press
5:14AM ( 3 hours ago )
Jackson County investigating body found at school
The body of a female was found Sunday on the campus of a Jackson County school.
By Rob Moore
9:21PM ( 11 hours ago )
Survey says Suwanee residents happier with their city than most
The results of the National Citizen Survey suggest that residents of Suwanee are happier with their city overall than most others across the country.
9:00AM ( 1 day ago )