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Strong jobs data lifts Wall Street

Friday, July 07, 2017 - 01:14

Tech and financial shares led the rally, but falling oil stocks capped the gains. Fred Katayama reports.

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U.S. stocks bounced back from Thursday's selloff. Tech stocks, like Apple and Microsoft, led the rally, but falling oil stocks capped the gains. Driving Wall Street higher on Friday: a strong jobs report. Employers added far more jobs to their payrolls in June than economists had expected. Washington Crossing Advisor's Chad Morganlander: SOUNDBITE: CHAD MORGANLANDER, PORTFOLIO MANAGER, WASHINGTON CROSSING ADVISORS, (ENGLISH) SAYING: "When you peel it back, manufacturing jobs were listless. Service jobs, lower paying jobs, were the majority of it. And wage growth is rather benign at a little less than 2 percent. So we believe that the economy overall is doing OK." Interest-rate sensitive bank stocks traded higher, including Bank of America and JPMorgan. But declining oil prices pressured energy stocks such as Chesapeake, Hess and Devon. A battery helped re-energize Tesla shares as they rebounded from three days of losses. The luxury electric automaker won an Australian contract to build the world's biggest lithium-ion battery to serve as back-up power. European shares closed flat, weighed down by energy shares, and France's CAC finished just below break even.

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Strong jobs data lifts Wall Street

Friday, July 07, 2017 - 01:14