13year high, 3985. S p 500 closing at an alltime high. Unchartered territory there. With a gain of 7. 5 points, at 1798 on the standard poors. Dow and s p wrapped up the week at alltime highs. Euphoria continues here. Bob pisani, the dow closing in now on 16,000. Nice, round number. The s p also closing in on 1800, just two points shy. Historic highs, dow and s p and dow transports, mid caps at historic highs. New tech, high beta back in, Interest Rate sensitive back in, tapering sort of off the table, a lot of people feel for december, high beta names, new internet names all up strongly this week. Emerging market, Interest Rate sensitive groups. Interest rates flattened out in the latter part of the week. Countries that are emerging markets all did very well. Home builders, another Interest Rate sensitive group, did very well. Pawltey, kb, ryland. Biotech did well, gilead, bichlt ogen, names that have been moverers on the upside. Next week we anticipate the fmoc minutes from october m
Europe is down for the second consecutive day. Our road map begins with jcpenney, a pleasant october surprise as comp sales rise for the month. Trends look upbeat for the month and is giving the stock a big boost in the premarket. Deere jumps on quarterlies but lowes falls. And youre going to want to hear what yahoo Ceo Marissa Mayer had to say last night in San Francisco. Well have that for you. Shares of jcpenney up sharply despite a wider than expected quarterly lost. Mike ullman says penneys is encouraged by the open in november. Theyre talking 2 billion plus in liquidity, sequential increases in margins and comps. There was a whisper around they would lose 2. This is the agabeginning what i have would call the normalization of jcpenney. Theyre going to go back to being nothing, just another retailer. Theyll be like kohls. Well talk about jcpenney like kohls. Main thing is you want to buy pvh because they were the supplier that stuck with the previous guy. Notice i didnt call him c
At 2. 664 and europe is back to work and largely mixed. Our road map, the jobs number, payrolls above consensus. The Unemployment Rate dives to the 5. 5 year low. Watch the participation, rate, wages, more americans drop out of the work force in april. Pfizer raising its bid to try to buy astrazeneca. Astrazeneca says a few hours later no thank you. Astrazeneca shares trading below the offer price. Pfizer may need to raise a bit more. Were going to have a lot more. Upbeat morning for internet stocks. Linkedin, open table, expedia beat. A miss for chevron, profit dropping 27 on lower production. J. Crew going budget friendly. Can cheaper sweaters boost sales without diluting the brand . First up, though, lets tackle the jobs number, 288. The Unemployment Rate at 6. 3 , thats the lowest since 2008. People are wondering how this is possible, though, with the labor force decline like we had, jim. 62. 8 is the lowest since december of 2013. Yeah. Look, these are hard to rationalize. The 6.
Tax hikes bon 250,000. I think thats grossly unfair. Reporter Senate Republican lead egg Mitch Mcconnell made the tax deal with Vice President joe biden. Lets pass the tax relief portion now. Reporter a hang upis automatic defense and other spending cuts that kick in at midnight. Democrats want a twoyear postponementment. The cost covered by the new tax hikes. The president scoffed at republican demands for deeper spending cuts. Shove only spending cuts down, you know well, shove spending shove spending cuts at us. Reporter so much for winning gop allies. Laughs and jokes and ridicules republicans. Why . Reporter another question will Speaker John Boehner permit a house vote to hike taxes . If most of his reps will vote no. Whatever happens before midnight or doesnt happen. This partisan war on taxes and spending is sure to continue into 2013. Im steve handelsman, news4, capitol hill. Many investors are known for their averse to uncertainty. Wall street is closely watching developments
We have all that and more tonight on nightly Business Report for this tuesday, april 1st. And good evening, everyone. It was a record day on wall street for the s p 500 and the dow transports, by the way. But we begin tonight with General Motors. It is under intense scrutiny by lawmakers for safety concerns about its cars. Today its new ceo got slammed by members of the house over how the automaker midhandled the crisis. Faulty ignition switches in General Motors vehicles have been linked to 31 accidents and at least a dozen deaths over the past 13 years, prompting a massive recall. Lawmakers want to know what took gm so long, and did gm put money ahead of lives. For her part, barra attempted to reassure those lawmakers along with investors and drivers that gm cars are safe and that she and the company are terribly sorry. Eamon javers has more on todays heated testimony barras performance and whats next for gm. Reporter gm Ceo Mary Barra arrived on capitol hill this afternoon to apolog