CLOSING UPDATE: U.S. Stocks Spike in Late Afternoon - Recover from Earlier Dip on Disappointing Jobs Data
U.S. stocks finished higher, scoring a late afternoon pop as they spent the day climbing from lows recorded after the latest payrolls data, which missed expectations and pushed the markets lower just a day after the S&P 500 hit a record high.
Today the Labor Department reported that the U.S. added only 162,000 jobs in July, below the 180,000 analysts were expecting. The unemployment rate, meanwhile, fell to 7.4%.
Other data today included June personal income and spending. Income rose 0.3%, also lagging the consensus looking for a 0.4% rise, but spending beat estimates, climbing 0.5% last month against expectations for a 0.4% increase. Factory orders missed expectations, rising 1.5% in June compared to estimates expecting a more robust 2.3% increase in new orders.
In commodities, oil shed 1% today, taking a hit after the jobs data but over the week the commodity added 2.1%. Gold futures reversed late in the session to close down 0.05%
Here's where the U.S. markets stood at end-of-day:
Dow Jones Industrial Index up 30.34 (+0.19%) to 15,658.36
S&P 500 up 2.80 (+0.16%) to 1,709.67
Nasdaq Composite Index up 13.85 (+0.38%) to 3,689.59
FTSE down 0.42%
DAX down 0.11%
CAC 40 up 0.04%
Nikkei 225 up 3.29%
Hang Seng Index up 0.46%
Shanghai China Composite Index up 0.02%
(+) ADUS, late Thursday reported Q2 earnings of $0.23 per share, beating the Capital IQ consensus by $0.01. Revenues were $65.75 million, also topping the Street view of $63.89 million.
(+) EGOV, provider of online government services reported Q2 results late Thursday that topped expectations.
(+) DELL, Founder Michael Dell and Silver Lake PE firm boost buyout offer to $13.75 per share, which includes a $0.13 special dividend to bring the total offer to $13.88.
(+) ALSK, Posts significant Q2 improvement with earnings of $0.81 per share compared with a $0.02 loss during the same quarter last year.
(-) BYD, Casino operator offers 16.5 million shares at $12 each, a 6.3% discount to Thursday's closing price.
(-) WPRT, Q2 earnings disappoint and the company lowers FY13 revenue guidance by $20 million.
(-) WTW, Revises FY13 earnings guidance to a new range of $3.55 to $3.70, down from its previous outlook of $3.60 to $3.90 per share.