After Market: Employment Tops '08 Peak, Stocks Hit New Highs

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Slow but steady -- that seems to be the new mantra here on Wall Street. The Dow Industrials and the S&P 500 plowed further into record territory on Friday.

The catalyst for today's advance was the monthly jobs report, which showed the total number of people employed finally topped the 2008 peak it hit just before the Great Recession took hold.

The Dow Jones industrial average (^DJI) gained 88 points, the Standard & Poor's 500 index (^GPSC) rose 9, and the Nasdaq composite (^IXIC) gained 25 points.

Financial stocks helped lead the advance. Goldman Sachs (GS) and American Express (AXP) both gained more than 2 percent.

Bank of America (BAC) rose 1 percent on reports that it's in talks with the Justice Department to settle another set of probes into the bank's handling of mortgages leading up to and during the financial crisis. News reports say the company could pay more than $12 billion, which is more than it earned in all of 2013. But this could allow Bank of America to finally put this long-running problem behind it. Its stock has been virtually flat over the past 6 months.

Amazon (AMZN) posted a strong gain for second straight day, rising 2 percent, on indications that it's about to enter the smartphone business.

And Sears (SHLD) gained nearly 2 percent on a Reuters report that the company's chairman has held talks with outgoing Ford (F) CEO Alan Mulally, sparking rumors that he might head the retailer's turnaround effort.

Elsewhere, Hertz (HRZ) drove into a ditch, sliding 9 percent after saying it will restate earnings from 2011 through 2013 because of accounting issues.

Diamond Foods (DMND) fell 11 percent. Its quarterly loss widened, due to higher wholesale prices for nuts.

But Vail Resorts (MTN), Men's Wearhouse (MW), and VeriFone (PAY) all gained after beating expectations. Vail was up 6 percent; Men's Wearhouse rose 5½ percent; and VeriFone jumped 9 percent. Demand for its merchant payment systems has been helped by growing concern about hackers.

Finally, Caesars Entertainment (CZR) fell 3 percent on a Bloomberg report that the gaming company has received a default notice from a group of bondholders.

What to Watch Monday:

These major companies are scheduled to release quarterly financial statements:
  • Casey's General Stores (CASY)
  • Pep Boys-Manny Moe & Jack (PBY)
-Produced by Drew Trachtenberg.


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dopey.obamite

http://danfromsquirrelhill.wordpress.com/2013/08/15/obama-252/

June 08 2014 at 6:28 PM Report abuse rate up rate down Reply
d.barack

Darren Barthold is a dunce, too !

June 07 2014 at 3:08 PM Report abuse -5 rate up rate down Reply
2 replies to d.barack's comment
teaparty2implode

No wonder nobody likes you.

June 07 2014 at 3:11 PM Report abuse +5 rate up rate down Reply
1 reply to teaparty2implode's comment
d.barack

You must, you reply to me all the time.
Why do you rate your own posts, do you have a complex of some sort ?

June 07 2014 at 3:18 PM Report abuse -5 rate up rate down
texastotenmom

and his brothers ~~~>tyrone~~~boo~boo~ n cupcake~~n obamit are all dunces also.

June 08 2014 at 9:41 AM Report abuse -2 rate up rate down Reply
1 reply to texastotenmom's comment
d.barack

LMAO, yes they are !

June 08 2014 at 11:12 AM Report abuse -2 rate up rate down
d.barack

What a F in Dunce !!! Woooooo Hoooooooooooo !!!!! ROTFFLMMFAOATPMFP

June 07 2014 at 2:30 PM Report abuse -7 rate up rate down Reply
d.barack

Rate those posts Evan Woooooo Wooooooo!!!!!

June 07 2014 at 2:18 PM Report abuse -8 rate up rate down Reply
d.barack

Ploder just loves Barry Soetoro's scrotum rubbing on his chin. LMAO The Hope and Change Rub ! ROTFFLMMFAOATPMP

June 07 2014 at 1:37 PM Report abuse -8 rate up rate down Reply
teaparty2implode

In a display of compromise rarely seen during his time in office, President Obama has signed into law a $858 billion tax cut bill despite the misgivings of members of both parties.

"We are here with some good news for the American people this holiday season," Mr. Obama said.

The bill, which was largely worked out earlier this month between the White House and Congressional Republicans, extends the Bush-era tax cuts for all Americans for two years, extends unemployment benefits for 13 months and includes a one-year Social Security tax cut, among other measures.

This is the reason Obama extended the Bush tax cuts, it wasn't for the 1% like d.barack believes. It was for the unemployed to extend benefits for 13 months.

d.barack, is blind as a bat when it comes to facts.

June 07 2014 at 1:14 PM Report abuse +5 rate up rate down Reply
4 replies to teaparty2implode's comment
d.barack

Hey Evan, did you get a tattoo of Obama on your arse cheeks yet ?

June 07 2014 at 12:46 PM Report abuse -4 rate up rate down Reply
1 reply to d.barack's comment
teaparty2implode

Too bad you can't say that to Evan's face, ya coward.

June 07 2014 at 1:22 PM Report abuse +3 rate up rate down Reply
5 replies to teaparty2implode's comment
d.barack

Evan Barthold is still a dunce, along with all of his dopey screen names.

June 07 2014 at 12:23 PM Report abuse -6 rate up rate down Reply
2 replies to d.barack's comment
teaparty2implode

What a hypocrite.

June 07 2014 at 1:22 PM Report abuse +5 rate up rate down Reply
teaparty2implode

What a hypocrite.

June 07 2014 at 1:22 PM Report abuse +4 rate up rate down Reply
3 replies to teaparty2implode's comment
clark8642

Many comments about lies told by President Obama. When you mention Iraq and WMD it is suddenly a question of bad intel. I guess one man's lie is another man's honest mistake. Of course there are degrees of importance whether we are talking lies, honest, mistakes or just bad luck. In the meantime our economy has a long way to go to get well and the new jobs in May are a small step along the way.

June 07 2014 at 11:04 AM Report abuse +5 rate up rate down Reply
12 replies to clark8642's comment
lonewolfbearstar

Creating a REAL, economic recovery, will require rebuilding the nation's manufacturing base. To accomplish this goal, it will likely require restructuring the business tax code by providing tax CREDITS for companies manufacturing products IN AMERICA, employing AMERICANS, and leveling tax PENALTIES on companies that ship manufacturing and jobs overseas...

...Unfortunately, our bought-and-paid-for Copngress is too cowardly to consider such a COMMON SENSE solution..

June 07 2014 at 9:26 AM Report abuse +6 rate up rate down Reply
1 reply to lonewolfbearstar's comment
d.barack

They don't want to fix the manufacturing base, it's all about the redistribution of wealth.

You're correct, billionaires have been buying capitol hill for decades.

June 07 2014 at 9:39 AM Report abuse -3 rate up rate down Reply
3 replies to d.barack's comment