Stocks Closed Mixed, Eyed on Jobs Beat

U.S. stocks closed mostly lower on Friday as an upbeat jobs report lifted expectations for an interest-rate hike this fall. The Dow Jones Industrial Average fell by 56.12 points, or 0.31%, to 17,849.46. The S&P 500 slipped 3.01 points, or 0.14%, to 2,092.83. The Nasdaq Composite rose 9.33 points, or 0.18%, to 5,068.46. For the week, the S&P 500 and Dow lost 0.7% and 0.9%, respectively, while the Nasdaq was essentially flat.

After an unexpected surge in U.S. job gains in May, traders are now betting the Federal Reserve will start raising interest rates as soon as October, and will make a second increase early next year.

Canadian tea retailer David’s Tea (DTEA) was trading at $24.75 on the Nasdaq Friday, above the $19 share price it had set earlier this week. The company said it will offer 5.1 million shares with a market cap of about $440 million. The company priced the IPO at $19 above its range of $17 to $18.

U.S. oil drillers boosted activity in four key basins this week, bringing the promise of additional oil to a market that faces OPEC’s Friday decision to leave production caps unchanged.

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