Markets Right Now: Stocks closing higher on Wall Street

AP News
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Posted: Aug 05, 2016 4:17 PM

NEW YORK (AP) — The latest on developments in global financial markets (all times local):

4:10 p.m.

Stocks had their best day in almost a month Friday as major indexes closed at record highs after a strong jobs report boosted investors' confidence for continued economic growth.

Both the Standard & Poor's 500 index and the Nasdaq composite set records after the Labor Department's July hiring report showed far bigger gains than economists expected.

Banks rose the most amid the prospect of higher interest rates. Bank of America and Citigroup both gained 4 percent.

The S&P 500 gained 19 points, or 0.9 percent, to 2,183. The Nasdaq rose 55 points, or 1.1 percent, to 5,221.

The Dow Jones industrial average remains below its own record high set last month, but still rose 191 points, or 1 percent, to 18,544.

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12:00 p.m.

U.S. stocks are jumping Friday as a strong July jobs report gave investors more confidence that the economy is still growing.

The Labor Department said employers added 255,000 jobs, far more than experts expected. Bank stocks rose on the prospect of higher interest rates and consumer companies rose as investors hope consumers will have more money to spend.

Online booking service Priceline posted a bigger profit than expected and its stock rose 5 percent. Strong quarterly earnings also helped lift Kraft Heinz and Priceline, which both rose 5 percent in midday trading.

The Dow Jones industrial average is up 155 points, or 0.9 percent, to 18,507.

The Standard & Poor's 500 index is up 17 points, or 0.8 percent, to 2,181. The Nasdaq composite is up 56 points, or 1.1 percent, at 5,222.

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9:35 a.m.

Stocks are opening higher on Wall Street as investors welcome a report showing the job market was strong last month.

The Labor Department said employers added 255,000 jobs in July, far more than the 175,000 jobs that economists had expected. The report was expected to ease investor concerns raised by weaker reports earlier in the year.

Second quarter earnings reports continued to lift stocks including Priceline and Kraft Heinz. Bristol-Myers Squibb is falling after a lung cancer drug failed in a clinical trial.

The Dow Jones industrial average is up 137 points, or 0.8 percent, to 18,489.

The Standard & Poor's 500 index is up 12 point, or 0.6 percent, to 2,176. The Nasdaq composite is up 37 points, or 0.7 percent, at 5,204.