Stocks in modest rally, another oil record
NEW YORK, Nov. 2 (UPI) -- U.S. stock indexes closed modestly higher Friday, with financials taking a beating and crude oil hitting its third record closing in a week.
The Dow Jones industrial average gained 27.23 points, or 0.20 percent, at 13,595.10. The Nasdaq composite was up 15.55, or 0.56 percent, at 2,810.38, and the S&P 500 rose 1.21, or 0.08 percent, at 1,509.65.
The volume on the New York Stock Exchange was 1.7 billion shares traded, with 1,507 stocks advancing and 1,720 declining.
The dollar was mixed Bonds gained.
Oil prices hit $95.93, 3rd record in week
NEW YORK, Nov. 2 (UPI) -- Surging U.S. oil prices closed at a record high for the third time in a week Friday.
Sweet, light crude for December delivery rose $2.44, or 2.6 percent, to close at $95.93 on the New York Mercantile Exchange after a robust new jobs report from the U.S. Labor Department.
Oil prices, which briefly touched an all-time high of $96.24 during trading on Wednesday, gained.4.4 percent for the week.
Heating oil rose 5.8 cents to close at $2.5704 a gallon. Reformulated gas was up 8.97 cents at $2.4329 a gallon.
Natural gas was down 22.4 cents at $8.403 per million British thermal units.
The average price of a gallon of regular unleaded gasoline at the pump was up almost 3 cents at $2.942, the AAA said.
Robust jobs report raises questions
WASHINGTON, Nov. 2 (UPI) -- The U.S. economy, despite concerns over housing and credit, added 166,000 non-farm jobs in October, the largest growth since May, a report said Friday.
The unemployment rate was steady at 4.7 percent, the U.S. Labor Department said in a release. The payroll hike was up from September’s gain of 96,000 jobs.
The big push came in service-sector employment, figured at 190,000, biggest rise in five months. Jobs continued to be lost in the manufacturing and construction sectors.
ome traders on Wall Street, however, question what they see as conflicting figures in the report. The Labor Department said its household survey, which includes the self-employed, showed employment dropping by 250,000 in October, after rising 463,000 in September.
Canadian dollar sets record
TORONTO, Nov. 2 (UPI) -- The Canadian dollar hit a record value of $1.07 against the U.S. dollar Friday.
The loonie jumped 2 cents after a stronger-than-expected jobs report cut chances of another Fed interest-rate cut.
Already the world's best-performing major currency this year, the loonie rose as high as $1.0717 Friday from Thursday’s close of $1.0512.
The currency has soared 25 percent this year against the greenback -- and almost 7 percent in the past month.
The gains are most striking against the U.S. dollar. But, the loonie's also stronger against every single major world currency this year, including the euro, the yen and the Brazilian real, the Toronto Globe and Mail said.
Ford, UAW optimistic as talks go on
DETROIT, Nov. 2 (UPI) -- Ford and the United Auto Workers worked on a new contract in Detroit Friday, saying they were optimistic but final details had to be resolved.
If Ford's agreement followed the pattern of a pact ratified by workers at General Motors and Chrysler, a new contract would shift billions in retiree health-care obligations off Ford's books to a union-run trust.
Ford, viewed as the most troubled of Detroit's auto makers, also would be allowed to pay new hires who perform so-called "non-core" jobs a second-tier wage, The Wall Street Journal said.
