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Stocks temper early gains sparked by strong jobs report; oil, bond yields edge higher
NEW YORK, N.Y. – The stock market is slightly higher after giving up early gains fueled by a strong jobs report.
The Dow Jones industrial average was up 81 points, or 0.6 per cent, to 15,070 at midday Friday. It rose as much as 116 points in the morning. The Standard & Poor’s 500 index was up nine points, or 0.6 per cent, to 1,625. The Nasdaq composite index was up 22 points, or 0.6 per cent, to 3,466.
The U.S. economy added 195,000 jobs in June, above the 165,000 expected.
The report reinforced the idea that the Federal Reserve could pull back on its economic stimulus.
As investors bought stocks, they sold bonds. The yield on the 10-year Treasury note jumped to 2.70 per cent from 2.56 per cent just before the report was released this morning.
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