• Dow, S&P 500 rise to records ahead of June jobs report

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    NEW YORK: The Dow and S&P 500 edged to new records on Wednesday (Thursday in Manila) ahead the official US jobs data for June, with the outlook buoyed by a strong ADP private sector report

    The Dow Jones Industrial Average gained 20.17 points (0.12 percent) to 16,976.24, while the broad-based S&P 500 added 1.30 (0.07 percent) at 1,974.62. Both notched records for the second day in a row.

    The tech-rich Nasdaq Composite Index slipped 0.92 (0.02 percent) to 4,457.73.

    Payrolls company ADP said the private sector added 281,000 jobs in June, surging higher from 179,000 in May. That came ahead of Thursday’s Department of Labor report on job creation and unemployment nationwide in June.

    Dan Greenhaus, chief global strategist for BTIG, said Thursday’s trade could be volatile due to the jobs report and the abbreviated period for placing trades.

    Markets closed at 1700 GMT Thursday, three hours ahead of usual due to the US Independence Day holiday Friday, when markets are also closed.

    Dow member JPMorgan Chase dipped 1.0 percent on news that chief executive Jamie Dimon will be treated for throat cancer. Dimon said the prognosis is good for a full recovery. Even so, the bank has a succession plan in place, a spokesman said.

    Tyson Foods shot up 2.9 percent after it announced it sealed an $8.6 billion takeover of Hillshire Brands, concluding a bidding war with Brazilian-owned rival Pilgrim’s Pride.

    Airlines retreated after Delta Air Lines said June results were weighed down by lower business travel to Latin America due to the World Cup. Delta dropped 5.1 percent, while American Airlines fell 4.4 percent and United Continental lost 7.1 percent.

    Beer and wine distributor Constellation Brands advanced 2.3 percent as first-quarter net income nearly quadrupled to $206.7 million following its acquisition of Grupo Modelo’s US beer business.

    Agrotech company Monsanto advanced 1.8 percent as it announced $6 billion in accelerated share repurchases.

    Bond prices fell. The yield on the 10-year US Treasury rose to 2.63 percent from 2.56 percent Tuesday, while the 30-year advanced to 3.47 percent from 3.39 percent. Bond prices and yields move inversely.

    AFP

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