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S&P 500, Nasdaq rally to record high close on robust jobs data

The S&P 500 and the Nasdaq Composite Index climbed to record high close on Friday as a strong jobs report restored confidence in the U.S. economy. The U.S. created 255,000 new jobs in July, significantly better than the 185,000 growth forecast by economists in a MarketWatch survey. The S&P 500 rose 18 points to close at 2,182 for a weekly gain of 0.4% while the Nasdaq added 54 points, or 1.1%, to end at 5,221, up 1.1% this week. The Dow Jones Industrial Average gained 191 points, or 1%, to close at 18,543, advancing 0.6% for the week.

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Regions Mortgage Originations, Delinquency Improve

Quarterly home lending increased and delinquency decreased at Regions Financial Corp. Meanwhile, the mortgage servicing portfolio was reduced.

At the bank-holding company level, income from continuing operations before income taxes was $387 million, up $1 million from the previous quarter.

Those details, along with other operational and financial metrics, were delivered in the Birmingham, Alabama-based firm’s second-quarter earnings results.

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Oil futures end slightly lower after rise in U.S. rig count

Oil futures ended slightly lower Friday, paring losses but remaining in negative territory after data showed the number of U.S. oil rigs rose for a sixth straight week. September West Texas Intermediate crude futures fell 13 cents, or 0.3%, to end at $41.80 a barrel. For the week, the U.S. crude benchmark rose 0.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Gold logs worst daily loss in 10 weeks after stellar jobs report

Gold futures notched a hefty loss Friday, tumbling the most in about 2 1/2 weeks following a stronger-than-expected nonfarm-payrolls report that might provide the Federal Reserve evidence to lift benchmark interest rates sooner than later. Higher rates can boost the value of the dollar and undercut the appeal of commodities priced in the currency, making them more expensive for buyers using other monetary units. A rate hike also diminishes the appeal of owning metals, which don’t offer a yield. December gold finished off $23, or 1.7%, toe settle at $1,344.40 an ounce, marking its worst one-day drop since May 24, according to FactSet data. Friday’s sharp fall turned a modest weekly gain for gold into a roughly 1% weekly decline.

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Oil futures remain lower as U.S. rig count rises for 6th straight week

Crude-oil futures remained under pressure Friday after oilfield-services firm Baker Hughes reported that the number of active U.S. oil rigs rose by seven this week to 381–the sixth consecutive weekly increase. West Texas Intermediate oil for September delivery on the New York Mercantile Exchange was off 48 cents, or 1.1%, at $41.45 a barrel. The number of rigs remains down 289 from a year ago. The rebound in the number of rigs over the last six weeks, however, has added to worries about a global glut of crude. Oil futures sank to a three-month low below $40 a barrel earlier this week and entered a bear market before rebounding Wednesday and Thursday in the wake of a drop in gasoline inventories. The U.S. oil benchmark is on track for a 0.4% weekly decline.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Refinances Drive Up New Mortgage Activity

As interest rates on residential loans turned lower, new refinance activity surged to the highest level in 17 months — driving up overall activity in the process.

A 14 percent increase from a week earlier put the U.S. Mortgage Market Index from OpenClose and Mortgage Daily for the week ended Aug. 5 at 199.

Compared to the same week last year, the index — a representation of average per-user rate locks by customers of OpenClose — has risen by 37 percent.

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Consumer Bankruptcies Sink to 6-Month Low

The number of consumers who resorted to bankruptcy last month tumbled both on a month-over-month and year-over-year basis to the lowest level in six months.

U.S. consumers and businesses collectively made 61,308 total bankruptcy filings during July, fewer than the upwardly revised 66,303 recorded for the prior month.

There was even a bigger decline compared to the same month last year, when the number of filings made in U.S. Bankruptcy Courts was an upwardly revised 71,875.

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American Airlines to give 30,000 employees big raises

American Airlines Group Inc. announced Friday a deal to give “significant” pay raises to 30,000 of its union employees, effective immediately. The airliner said it will continue to work toward a collective bargaining agreement with the TWU-IAM Association union. The company has about 118,500 employees, according to FactSet. Under terms of the deal, raises will range from 15% to 36% for maintenance and related employees, 245% for fleet service workers, 31% for tower planners and 55% for weight and balance planners. American Airlines’ stock gained 1.4% in morning trade. It has tumbled 20% year to date, while the NYSE Arca Airline Index has gained 1% and the S&P 500 index has climbed 6.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News