Wall Street rallies...Oil prices recover... Jobless rolls fall to a nearly five-decade low
UNDATED (AP) — A strong jobs report and company earnings spurred U.S. stocks broadly higher today, driving the S&P 500 to its second straight weekly gain. The S&P 500 index gained 28 points, or 1%, to 2,945. The Dow Jones Industrial Average rose 197 points, or 0.7%, to 26,504.The Nasdaq composite climbed 127 points, or 1.6%, to 8,164. And the Russell 2000 index picked up 31 points, or 2%, to 1,614.
UNDATED (AP) — Crude oil prices have recovered some of their losses from a day earlier. Benchmark U.S. crude rose 0.2% to settle at $61.94 per barrel today in New York. Across the pond, Brent crude, the international standard, gained 0.1% to close at $70.85 in London. In other commodity futures trading, wholesale gasoline rose 0.4% to $2.03 per gallon. Heating oil slid 0.4% to $2.07 per gallon and natural gas dropped 0.8% to $2.57 per 1,000 cubic feet.
WASHINGTON (AP) — The U.S. unemployment rate fell to a nearly five-decade low of 3.5% in April as employers added a robust 263,000 jobs, The numbers suggest that businesses have shrugged off earlier concerns that the economy might slow this year and now anticipate strong customer demand. The Labor Department also says that average hourly pay rose 3.2% from 12 months earlier, a healthy increase that matched the increase in March.
DETROIT (AP) — Land deals that will allow Fiat Chrysler to build a new assembly plant in Detroit are expected to cost the city and state about $107 million. Mayor Mike Duggan has released details of agreements reached for nearly 215 acres on the city’s eastside that the automaker wants as part of a $1.6 billion investment.
FORT WORTH, Texas (AP) — American Airlines is expanding at its most profitable airport, opening 15 new gates at Dallas-Fort Worth International. American says the gates in Terminal E will let it add more than 100 daily flights on its American Eagle affiliate. By early June, Fort Worth-based American plans to operate more than 900 daily flights from DFW, up from 800 last summer. It’s adding 23 new destinations and increasing flights to existing ones.