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- Dow closes above 17,000 on strong US jobs data
The Dow finished above 17,000 Friday for the first time in two months following a better than-expected US jobs report and a gain in oil prices that lifted most petroleum shares. The Dow Jones Industrial Average jumped 62.87 points (0.37 percent) to 17,006.77, the first close above 17,000 since January 5. The broad-based S&P 500 rose 6.59 (0.33 percent) to 1,999.99, just a hair below the psychologically-important 2,000 level. The tech-rich Nasdaq Composite Index advanced 9.60 (0.20 percent) to 4,717.02. The Labor Department reported that the US added a robust 242,000 jobs in February, although the data also showed a drop in wages. "The employment report was much better than expected and that led to a continuation of the strength that we've seen for most of the last two weeks,"said Michael James, managing director for Wedbush Securities. But James said market sentiment was constrained by concerns that the Federal Reserve could move more quickly to lift interest rates. "While two weeks ago you would have been able to rule out a rate hike at the Fed meeting in (mid-March), I think given the data we've seen and the market performance, a potential further rate hike of 25 basis points in two weeks hasn't been completely ruled out," he said. Oil prices continued their upward climb, with the US benchmark contact rising nearly four percent to $35.92 a barrel. Midsized oil companies ConocoPhillips and Marathon Oil surged 6.6 percent and 10.3 percent, respectively. Hewlett Packard surged 13.5 percent as it projected 2016 earnings of between $1.85 and $1.95 a share, compared with analyst expectations for $1.87 per share. Carmike Cinemas vaulted 16.5 percent following an announcement it will be acquired by Chinese-owned AMC Entertainment for about $1.1 billion. The deal will create a company with more than 600 theater locations and more than 8,000 screens across the United States. AMC rose 5.1 percent. Luxury bag maker Tumi rose 1.3 percent on news it will be acquired by Hong Kong-based luggage giant Samsonite for $1.8 billion. Mining company Freeport-McMoRan rose 6.9 percent on news it will sell a stake in a copper and gold project in Serbia to Lundin Mining for $262.5 million. Source: AFP.
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