Newspaper article The Topeka Capital-Journal

Stocks Rise as Tepid Jobs Report Stokes Hopes for Low Rates

Newspaper article The Topeka Capital-Journal

Stocks Rise as Tepid Jobs Report Stokes Hopes for Low Rates

Article excerpt

NEW YORK -- U.S. stocks rose Friday as investors found some positive aspects in a middling employment report. Job growth slowed in August, and traders hope that will convince the Federal Reserve to wait before raising interest rates.

Stocks started the day with big gains following the Labor Department's job report. Energy companies rose more than the rest of the market as oil prices broke out of a four-day slump. The gains were broad, but the stocks that rose the most were utilities, which would stand to benefit if interest rates remain low. The Dow Jones industrial average added 72.66 points, or 0.4 percent, to 18,491.96. The Dow rose as much as 125 points in the morning. The Standard & Poor's 500 index rose 9.12 points, or 0.4 percent, to 2,179.98. The Nasdaq composite gained 22.69 points, or 0.4 percent, to 5,249.90.

U.S. benchmark crude oil rose $1.28, or 3 percent, to $44.44 a barrel in New York. Brent crude, the benchmark for international oil prices, added $1.38, or 3 percent, to $46.83 a barrel in London. U.S. crude had fallen 9 percent over the last four days. Anadarko Petroleum added $2.95, or 5.5 percent, to $56.49 and Chevron picked up 72 cents to $100.93.

NextEra Energy gained $2.13, or 1.8 percent, to $123.13 and American Electric Power rose 83 cents, or 1.3 percent, to $65.24.

Colgate-Palmolive, which makes toothpastes, soaps, and pet foods, rose 62 cents to $74.89. Tyson Foods, the largest meat and poultry processing company in the world, gained 96 cents, or 1.3 percent, to $76.44. Cigarette makers also did well, as Reynolds American and Altria Group gained ground.

Carnival Corp. and Royal Caribbean Cruises both skidded. Morgan Stanley analyst Jamie Rollo said demand for cruises seems to have gotten weaker in August and bookings for late 2016 and early 2017 have slowed down. …

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