The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019

U.S. Stocks Rise As ADP Report Shows Job Pickup In March

@AFP

New York (AFP) – U.S. stocks Wednesday rose in early trade after a report showed a pickup in job creation in the private sector in March.

About 40 minutes into trade, the Dow Jones Industrial Average gained 19.94 (0.12 percent) to 16,552.55.

The broad-based S&P 500 tacked on 2.21 (0.12 percent) to 1,887.73, while the tech-rich Nasdaq Composite Index advanced 6.98 (0.16 percent) to 4,275.02.

Payrolls firm ADP said U.S. businesses added 191,000 jobs in March, below the 215,000 projected by analysts but an improvement on the 178,000 in February.

It solidified expectations of an improvement in the Labor Department’s March employment report for both the public and private sectors. Analysts forecast Friday’s report to show the U.S. added 195,000 jobs last month, picking up the pace of job growth from 175,000 in February.

California utility PG&E advanced 1.5 percent even as federal prosecutors announced a criminal indictment against the firm over a fatal 2010 gas pipeline explosion. PG&E said the charges have “no merit.”

General Motors tacked on 0.6 percent as chief executive Mary Barra faced a second day of hearings on the car giant’s recall of millions of vehicles due to safety problems.

Agricultural company Monsanto reported earnings of $3.15 per share, above the $3.07 projected by analysts. Shares gained 0.2 percent.

Pharmaceutical company MannKind powered 81.3 percent higher on news that a Food and Drug Administration advisory panel recommended marketing approval for its Afrezza diabetes therapy.

News that the Centers for Medicare and Medicaid Services would cut prices for genetic testing analysis provided by Myriad Genetics by less than expected lifted shares 12.8 percent higher.

Bond prices fell. The yield on the 10-year U.S. Treasury rose to 2.79 percent from 2.76 percent Tuesday, while the 30-year increased to 3.64 percent from 3.60 percent. Bond prices and yields move inversely.

AFP Photo/Andrew Burton

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Mike Lindell

Ronna McDaniel secured a fourth term as chair of the Republican National Committee (RNC) on Friday with roughly two-thirds of the votes cast, leaving her challengers in the dust, including millionaire conspiracy-monger Mike Lindell, who had projected a winner’s confidence on the campaign trail.

Keep reading...Show less

Charles McGonigal

Youtube Screenshot

The arrest of Charles McGonigal, chief of the FBI counterintelligence division in New York from October 2016 until his retirement in 2018, reopens festering questions about the troubled election that put Donald Trump in the White House. Among the crimes charged against McGonigal in two lengthy federal indictments is a secret financial relationship with Oleg Deripaska — a Russian oligarch close to dictator Vladimir Putin and associated with Paul Manafort, Trump's campaign manager, himself convicted of crimes and pardoned.

During his FBI career, McGonigal oversaw investigations of Deripaska and other oligarchs suspected of various crimes, including espionage. Now the exposure of his illegal connection with Deripaska may provide fresh insights into Trump's tainted victory.

Keep reading...Show less
{{ post.roar_specific_data.api_data.analytics }}