Stocks Rally as Unemployment Rate Falls to Lowest Since December 2008 (AMD, LNKD)
On Friday the Dow Jones Industrial Average joined the S&P 500 in hitting intraday highs after the markets celebrated April's jobs data. The unemployment rate in the US dropped to 7.5%, the lowest since December 2008. This data boosted Treasury yields, hopes for energy demand and subsequently oil prices and the dollar. Disappointing news came from the manufacturing industry with an unexpectedly large drop in factory orders for the month of March. Advanced Micro Devices (AMD) rose just about 7% on Friday while LinkedIn (LNKD) tumbled 10% after sharing a yearly forecast that was weaker than anticipated.
Word on the Street
- Construction employment falls due to government spending cuts but housing boom is still going strong.
- WPX (WPX), Hess Corp. (HES) and other energy stocks lead the weekly gainers.
- Citigroup (C) wins an injunction blocking a $383 million arbitration case.
- Strong job market data sends Dow and S&P to industry records on Friday.
- AMD (AMD) sees biggest week of gains in over a decade.
- Altria (MO) Enters the E-Cigarette Business.
Published on May 3, 2013By InvestorGuide Staff