Reuters - Video

EDITION: U.S. | U.K. | IN

Business

Jobs keep bull market humming along

Friday, March 08, 2013 - 02:22

Mar 8 - Summary of business headlines: Blue chips closed at a record for the fourth day in a row after stronger-than-anticipated job creation; Financial stocks lag after stress test results; Pandora CEO announces surprise exit; Fitch downgrades Italy. Conway G. Gittens reports.

▲ Hide Transcript

View Transcript

Blue chips rally for a sixth day in a row, closing at a lifetime high for the fourth consecutive session. The Dow climbed 67 points to a record 14,397, the S&P 500 gained 6 points, the Nasdaq 12 points. For the week, Blue chips surged 2.2 percent, while the Nasdaq jumped 2.4 percent A positive surprise from the labor market. U.S. employers added a much stronger-than-expected 236,000 jobs in February, meanwhile the unemployment rate fell to a four-year low of 7.7 percent. The data provide the strongest clue yet of a strengthening economy. Some economists wonder if that growth will continue, or peter out like it did last year, But Aneta Markowska of Societe Generale sees a sustained pick-up. SOUNDBITE: ANETA MARKOWSKA, CHIEF U.S. ECONOMIST, SOCIETE GENERALE (ENGLISH) SAYING: "I think that this is different for two reasons. First of all, we no longer have the fiscal cliff ahead of us. I think that that threat last year was one of the key reasons why we saw job creation slow down in the summer months. And then secondly, I think housing is no longer a headwind to growth. It is in fact a tailwind in my opinion." Construction alone added 48,000 jobs last month. Optimism about jobs were partly offset by the financial sector. The biggest U.S. banks passed the Federal Reserve's latest stress test, but Goldman Sachs and Morgan Stanley had the lowest amount of the capital required by the Fed, while Citigroup had the highest. Goldman Sachs, Morgan Stanley and JP Morgan finished lower but Citigroup was up almost 4 percent. In corporate news, a surprise departure for Pandora CEO Joe Kennedy. He is stepping down at a time when the No. 1 music streaming company beat sales forecasts and predicts higher sales for the current quarter. But Pandora is still losing money due to the rising cost of acquiring music. Nevertheless, shares surged, gained 17-1/2 percent, but are still below their $16 debut. Crossing over to Europe, political uncertainty after elections - leading ratings agency Fitch to cut its debt rating on Italy. The lowered view also comes amid growing concerns about about Italy's rising borrowing. The downgrade came after European markets closed higher across the board.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Jobs keep bull market humming along

Friday, March 08, 2013 - 02:22

Top News »

Investing 201 »

Arian Foster = BlackBerry? Arian Foster = BlackBerry?

Fri, Oct 25, 2013 - (3:16)

Don’t miss these red flags for IPOs Don’t miss these red flags for IPOs

Thu, Oct 10, 2013 - (2:34)

Copycat currency trading Copycat currency trading

Wed, Oct 02, 2013 - (2:28)

When to dump a winner When to dump a winner

Tue, Sep 24, 2013 - (1:55)

Where gold might again attract Jim Rogers Where gold might again attract Jim Rogers

Thu, Sep 19, 2013 - (2:05)

Why savings interest rates won't budge Why savings interest rates won't budge

Fri, Sep 13, 2013 - (2:09)

Buy local? ETFs try the trend Buy local? ETFs try the trend

Thu, Sep 05, 2013 - (2:42)

The better bond funds The better bond funds

Wed, Aug 07, 2013 - (2:40)

Best bargain in 40 years? European stocks Best bargain in 40 years? European stocks

Thu, Aug 01, 2013 - (2:24)

Invest like an activist Invest like an activist

Fri, Jul 26, 2013 - (2:49)

Money Clip »

3 things to do before disaster strikes 3 things to do before disaster strikes

Wed, Sep 18, 2013 - (1:39)

Your must-do money list Your must-do money list

Wed, Sep 11, 2013 - (1:24)

The worst "best" financial advice The worst "best" financial advice

Wed, Sep 04, 2013 - (1:42)

Forget gold: The case for REITs Forget gold: The case for REITs

Fri, Apr 26, 2013 - (1:19)

3 rules for buying a house now 3 rules for buying a house now

Thu, Apr 18, 2013 - (1:39)

“Stalking” your dream home - Money Clip “Stalking” your dream home - Money Clip

Wed, Mar 27, 2013 - (2:50)

3 hidden tax deductions - Money Clip 3 hidden tax deductions - Money Clip

Thu, Mar 21, 2013 - (1:33)

Moving Pictures »

Still missing – MH370 Still missing – MH370

Fri, Sep 05, 2014 - (2:05)

Images of August Images of August

Fri, Aug 29, 2014 - (1:00)

Burning Together Burning Together

Mon, Sep 01, 2014 - (2:23)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, Aug 22, 2014 - (3:12)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, Aug 11, 2014 - (2:27)

Burned memories Burned memories

Fri, Aug 08, 2014 - (3:02)

Images of July Images of July

Thu, Jul 31, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, Jul 11, 2014 - (1:00)

A refugee in America gives back A refugee in America gives back

Thu, Jul 03, 2014 - (3:25)

A long search for refuge A long search for refuge

Fri, Jun 20, 2014 - (3:04)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, Feb 19, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, Jan 10, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, Aug 29, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, Aug 29, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, Aug 05, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, Dec 17, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sat, Dec 08, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Sun, Dec 09, 2012 - (10:39)