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Avon Products Inc. (AVP)

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US close: Stocks starts new month on front foot after jobs data

06 Dec 15

LONDON (ShareCast) - (ShareCast News) - Wall Street gained even as a stronger-than-expected non-farm jobs report added to expectations that the central bank would very likely raise its main policy rate when it met next met.
The Dow Jones Industrial Average jumped by 369.96 points to 17,847.63, while the S&P 500 and the Nasdaq were respectively 42.07 and 104.74 higher by the end of trading, at 2,091.69 and 5,142.27 points each, respectively.

That marked the ninth week of gains for the benchmark S&P 500 out of the last ten, with trading volumes on Wall Street modestly above its three-month average on Friday.

Non-farm payrolls may pave way for December rate hike

According to the Labor Department, non-farm payrolls in November rose by 211,000 compared with October's upwardly revised 298,000 gain and with analysts' expectations for a 200,000 reading.

The unemployment rate was unchanged at 5%, as analysts had forecast, while the labour-force participation rate rose to 62.5%.

"The 'data dependent' Fed will be reassured that the economy is showing no sign of succumbing to worries about the global outlook, as had been feared recently, and that domestic demand is strong enough to withstand an initial hike in interest rates from what were seen as emergency record-low levels some six years ago," said Markit's chief economist Chris Williamson.

"A December rate hike now looks to be in the bag."

As of Friday's close of session, trading in Fed funds futures were attaching a 76% probability to a 25 basis point interest rate hike from the Fed when it met on 15-16 December.

Speaking in the afternoon for the first time since taking office, Philadelphia Fed President Patrick Harker said the Federal Open Market Committee should raise interest rates "sooner rather than later" to allow a gradual pace of future increases.

In company news, Avon Products jumped 6% after sources cited by the Wall Street Journal suggested the group was edging closer to a deal with private-equity firm Cerberus Capital Management.

Medical devices group Cooper Companies tumbled 8% after analysts at JP Morgan downgraded the stock to 'neutral' from 'overweight' and cut their target price from $175 to $145.

Media retailer Barnes & Noble plunged 17% after its second quarter results missed expectations late on Thursday.

By industrial groups the largest gains were seen in: Gold (8.45%), Aluminium (3.89%) and Airlines (3.89%).

The KBW Bank index advanced 2.9%, its biggest gain in three months.

Oil prices sank after OPEC agreed to hike its production ceiling to 31.5m barrels per day. West Texas Intermediate prompt month futures closed down 2.29% to $40.14 a barrel in NYMEX trading.

Ten-year Treasury note yields ended the day off by four basis points at 2.27% and those on the two-year note slipped by one basis point to 0.94%.

S&P 500 - Risers
Newmont Mining Corp. (NEM) $20.46 +9.24%
Skyworks Solutions Inc. (SWKS) $87.92 +5.37%
Endo International Plc (ENDP) $62.70 +4.83%
Electronic Arts Inc. (EA) $70.38 +4.70%
Charles Schwab Corp. (SCHW) $34.51 +4.64%
Scripps Network Interactive Inc. (SNI) $59.02 +4.59%
Southwest Airlines Co. (LUV) $49.41 +4.53%
CME Group Inc. (CME) $99.67 +4.44%
Mondelez International Inc. (MDLZ) $44.50 +4.44%
Amgen Inc. (AMGN) $161.43 +4.38%

S&P 500 - Fallers
NRG Energy Inc. (NRG) $9.00 -17.96%
CONSOL Energy Inc. (CNX) $7.72 -11.16%
ONEOK Inc. (OKE) $24.80 -7.43%
Chesapeake Energy Corp. (CHK) $4.55 -6.57%
Williams Companies Inc. (WMB) $31.11 -6.46%
Peabody Energy Corp. (BTU) $10.09 -6.14%
Quanta Services Inc. (PWR) $21.54 -6.10%
Southwestern Energy Co. (SWN) $7.74 -5.49%
Keurig Green Mountain Inc (GMCR) $51.70 -4.79%
Ensco Plc. (ESV) $15.80 -4.59%

Dow Jones I.A - Risers
Apple Inc. (AAPL) $119.03 +3.32%
JP Morgan Chase & Co. (JPM) $67.89 +3.18%
Microsoft Corp. (MSFT) $55.91 +3.15%
Procter & Gamble Co. (PG) $77.83 +2.76%
Home Depot Inc. (HD) $134.53 +2.75%
Visa Inc. (V) $80.40 +2.70%
Intel Corp. (INTC) $34.94 +2.63%
Goldman Sachs Group Inc. (GS) $189.99 +2.59%
Verizon Communications Inc. (VZ) $45.71 +2.58%
Travelers Company Inc. (TRV) $114.06 +2.49%

Dow Jones I.A - Fallers

Nasdaq 100 - Risers
Skyworks Solutions Inc. (SWKS) $87.92 +5.37%
Vimpelcom Ltd Ads (VIP) $3.43 +4.89%
Electronic Arts Inc. (EA) $70.38 +4.70%
Mondelez International Inc. (MDLZ) $44.50 +4.44%
Amgen Inc. (AMGN) $161.43 +4.38%
Mattel Inc. (MAT) $25.53 +4.31%
Regeneron Pharmaceuticals Inc. (REGN) $558.66 +4.28%
Dollar Tree Inc (DLTR) $77.24 +4.25%
Biomarin Pharmaceutical Inc. (BMRN) $98.11 +4.14%
Alexion Pharmaceuticals Inc. (ALXN) $175.76 +4.13%

Nasdaq 100 - Fallers
Keurig Green Mountain Inc (GMCR) $51.70 -4.79%
Whole Foods Market Inc. (WFM) $29.52 -1.47%
Viacom Inc. Class B (VIAB) $46.22 -1.09%
Tesla Motors Inc (TSLA) $230.38 -1.00%
Wynn Resorts Ltd. (WYNN) $64.60 -0.74%
Micron Technology Inc. (MU) $15.50 -0.70%

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are end of day values only.


Market Data

Currency US Dollars
52 Week High $5.79
52 Week Low $1.91
Shares Issued 761.80m
Market Cap $4,266.08m


No dividends found