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US stocks rebound on solid jobs data

Published: 15:31 01 Jul 2015 BST

jobs

US stocks shot out of the traps on hopes that a post-last minute deal will be done on Greece’s debt problems.

Sentiment also received a boost from payrolls processing firm ADP, which released jobs data for June that indicated companies raised employment levels by the most in six months.

Payrolls rose 237,000 in June from a revised 203,000 in May; the release is regarded as a not always reliable indicator to the official US non-farm payrolls data out later this week.

Car makers were in focus, as car sales numbers for June were released. General Motors saw a 3% decline, the inverse of what analysts had expected, while gains from Ford and Chrysler were less than the market had been expecting.

The S&P 500 was racing ahead, up 19 points at 2,082 while the Nasdaq Composite was 49 points to the good at 5,036. The Dow Jones industrial average was 154 points higher at 17,774.

The insurance sector seems to be going merger mad at the moment, and today’s big deal involved Chubb, which is to be acquired by ACE in a cash plus shares deal worth US$28.2bn.

There was mixed news from the food and drink sector. Foods group General Mills disappointed with its fiscal fourth quarter revenues, and spice maker McCormick lost its zing as it blamed the strong dollar for a dip in second quarter profits, but Constellation Brands was wanted after its first quarter earnings came in ahead of expectations.

 

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