Stocks Opened Lower Despite Strong Jobs Report

U.S. stocks opened slightly lower on Friday despite the monthly jobs report’s headline number topped expectations. The Dow Jones Industrial Average lately shed 47.25 points, or 0.26%, to 17,858.33. The S&P 500 was down 5.44 points, or 0.26%, to 2,090.40. The Nasdaq Composite fell 20.65 points, or 0.41%, to 5,038.47.

U.S. job growth accelerated sharply in May and wages picked up, signs of momentum in the economy that bolster prospects for an interest rate hike in September.Nonfarm payrolls increased 280,000 last month, the largest gain since December, the Labor Department said on Friday.

OPEC delegates said Friday the cartel would keep its collective output level unchanged at 30 million barrels a day, the second time in six months it decided to take no action amid a global glut of crude and weak oil prices.

Shanghai-based solar products maker JA Solar Holdings Co. JASO, +12.25% said on Friday it received a “going private” proposal from Chairman and Chief Executive Baofang Jin and Jinglong Group Co. that would value the company at about $489.1 million.

Vodafone, the world’s second-biggest mobile telecoms company, said on Friday it was in talks with Europe’s largest cable operator, Liberty Global , about an exchange of “selected assets” but was not discussing a full-blown merger.

About the Author

has written 14556 stories on this site.

Copyright © 2012 Nine Stocks