Friday’s Mid-Day Movers: 3 Stories Driving Markets
The major markets were rising Friday following days of unremarkable changes. As of 12 p.m.:
|DIJA: +1.11% to 15207.49||S&P 500: +0.95% to 1637.91||NASDAQ: +0.96% to 3456.80|
|Gold: -0.72% to 78.51||Oil: +1.71% to 0.3754||U.S. 10-Year: +3.28% to 21.43|
Here are three stories helping shape the market Friday.
1. Labor’s Mixed Results: Jobs Spiked But Unemployment Rose: The U.S. Department of Labor released its monthly employment situation report on Friday, which showed that United States employers added a better-than-expected 175,000 jobs in May. This announcement further supported the thesis that the labor market has been remarkable resilient to the uneven gains made by the economy so far this year. However, as with all economic data recently, the report contained both good and bad news. Despite the 175,000-job gain, the unemployment rate rose back up to 7.6 percent from 7.5 percent, an unexpected jump.
In fact, the Labor Department said that last month, the labor force — which includes people working and searching for employment — increased by 420,000…(Read more.)
2. Did Apple Help Google Get More Advertising Dollars? Google (NASDAQ:GOOG) recently announced that it has tripled its YouTube advertising sales on mobile devices over the past six months, which has created an estimated $350 million in revenue. Although this growth is being driven primarily by the increasing number of users that are accessing the video-hosting site through their mobile devices, Apple (NASDAQ:AAPL) may have also had a hand in YouTube’s recent mobile advertising boon.
Apple Insider notes that Apple eliminated YouTube as a core application on its iOS mobile platform in September 2012. This allowed Google to launch a standalone YouTube app that was no longer beholden to Apple’s restrictive advertising policy. In other words, YouTube was suddenly able to better monetize Apple’s large base of users that were previously out of reach… (Read more.)
3. 25 Days Left: Will Congress Save Students From Higher Loan Rates? Congress is perilously close to running out of time in preventing student loan rates from doubling, as the Senate was unable to agree on the best course of action on Thursday. With the failure of Senate measure 953 to gather the 60 votes it needed to extend the debate, Congress now has 25 days left to act before loan rates double for future students.
Two bills were put before the Senate Thursday which offered solutions to the student loan mess. Democrats offered a plan that would freeze rates at their current 3.4 percent for the next two years, while Congress had more time to negotiate a more thorough solution. Republicans proposed a plan similar to one by the House GOP, which would stop the doubling of rates and instead tie them to the 10-year treasury note…(Read more.)
Don’t Miss: 4 Ways Americans Are Financially Illiterate.