Stocks Shake Off Fed Jitters, Surge on Jobs Growth
"In what was probably the most dovish press conference by Mario Draghi, the European Central broke with a longstanding practice," Natixis wrote in a research note on Friday. "Mr Draghi added a dovish touch by saying that the recent rise in inflation from 1.4% to 1.6% reflected mainly upward base effects, in effect that these may not last."
In corporate news, Lincoln National Corporation (LNC) was one of the biggest percentage gainers on the S&P 500. The Securities and Exchange Commission reported the company filed a Form 4 that Director Eric Johnson acquired 706.06 phantom stock units to increase his holding to 24,441.05 units. The ex-dividend date for Lincoln National is July 8. Shares were up 4.7% to $38.73.
Newmont Mining (NEM) was one of the biggest percentage losers on the S&P as the gold-mining sector took a huge hit from gold prices plummeting. Gold was dropping Friday as the better-than-expected jobs report blemished the yellow metal's appeal as a safe-haven asset. Shares of Newmont were down 5.5% at $27.43.
European markets closed lower on Friday. The FTSE 100 in London slipped 0.72%, and the DAX in Frankfurt was dropping 2.36%.Asian markets closed higher overnight as Japan's Nikkei average closed higher by 2.1% at 14,310. Hong Kong's Hang Seng jumped 1.9% to 20,855. The benchmark 10-year was plummeting 1 25/32, boosting the yield to 2.722%. The dollar was gaining 0.74%, according to the U.S. dollar index. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
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