News Summary: Stocks edge higher on jobs outlook

AP News
Posted: Sep 05, 2013 5:25 PM

JOB OUTLOOK: A pair of reports on the U.S. jobs market provided more evidence that the U.S. is maintaining a slow but steady economic recovery. That helped push stocks to slim gains a day before the government publishes its closely watched employment survey for August.

RISING RATES: The encouraging jobs news pushed the yield on the 10-year Treasury climbed to 3 percent, the highest level since July 2011. Investors are selling bonds in anticipation of the Federal Reserve announcing that it will cut back on its bond-buying program later this month.

WHOLESALE IMPROVEMENT: Costco was among the best performers in the Standard and Poor's 500 index after the discount retailer said revenue at stores open at least a year rose 4 percent in August, slightly faster than Wall Street's expectations. The stock rose $3.12, or 2.8 percent, to $114.60.