S&P in Record Zone, Private Sector Adds Jobs at Fastest Pace in March

Nichole Harper
02 Apr, 2014
New York City

U.S. stocks struggled but traded higher ahead of jobs report on Friday. ADP survey showed private employers added 191,000 jobs in March, the largest in the year so far. Amazon is ready to sell set-top box to stream its video library and branch into entertainment business.

[R]1:55 PM New York – U.S. stocks struggled but traded higher ahead of jobs report on Friday. ADP survey showed private employers added 191,000 jobs in March, the largest in the year so far. Amazon is ready to sell set-top box to stream its video library and branch into entertainment business.[/R]

Stocks meandered in trading across exchanges and dark pools ahead of jobs report on Friday and after the release of auto sales yesterday.

S&P 500 index increased 0.1 to 1,885.62 and the Nasdaq Composite Index declined 8.12 to 4,259.87.

ADP survey of private companies showed an employers added 191,000 jobs in March. The survey indicated largest gains were in business and professional services segment by 53,000.

Bureau of Labor Statistics is set to report a wider measure of employment statistics on Friday.

Earlier, the government agency reported economy added 175,000 jobs in February after adding 129,000 in January and revised 84,000 in December.

Auto sales increased 6% in March and rebounded from weak conditions in the first two months of the year.

Sales increased to 1.5 million vehicles in March, according to data released by the industry researcher Autodata located in New Jersey.

GM reported sales increased 4% in the month and the largest automaker was delayed in releasing results by the computer system glitches.

The company has been facing government and lawmaker inquiries for its defective ignition parts and the company expanded its vehicle recall to two million cars since first announced on Feb 13.

Sales at Ford increased 3%, at Chrysler soared 13% and at Toyota advanced 5% and at Nissan increased 8.3%. Honda sales declined 2%.

European Markets

In London trading, FTSE 100 index increased 0.3% or 17.66 to 6,670.47 and in Frankfurt the DAX index rose 0.3% or 24.58 to 9,628.29.

In Paris, CAC 40 index gained 0.2% or 10.53 to 4,437.25.

U.S. Stocks in Review

Amazon is planning to sell a set-top box for $99 as the online retailer branches out to video streaming.

The online retailer with the help of Fire TV will facilitate the viewing of Amazon’s video library through television sets. The company plans to merge entertainment and shopping experiences.

Amazon boasts 20 million subscribers for its Prime two-day shipping service and offers a library of video offering to these members.

Netflix, Inc declined 1.2% or $4.45 to $360.24 and Amazon.com, Inc increased 0.2% to $343.78.

MannKind Corporation ((MNKD)) vaulted 76.6% or $3.08 to $7.10 after the biopharmaceutical company said Endocrinologic and Metabolic Drugs Advisory Committee of the U.S. Food and Drug Administration voted 13-to-1 to to recommend AFREZZA® inhalation powder to be approved by the FDA for Type 1 diabetes.

UniFirst Corp ((UNF)) plunged 9.2% or $10.41 to $102.30 after the workplace uniforms provider said revenues in the second-quarter ending on March 1 increased 2.9% to $344 million.

Net income in the quarter dropped 32.4% to $25.6 million or $1.27 a diluted share compared to $26.6 million or $1.33.