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U.S. stock-market indexes opened higher on Friday, with the S&P 500 and Dow industrials trading within a hair’s breadth of record levels as investors appeared to brush off a weaker-than-expected jobs report. The U.S. economy added 156,000 jobs last month, while the unemployment rate ticked up to 4.4%. Estimates for two prior months were revised down. The main indexes were set to book solid weekly gains. The Dow Jones Industrial Average added 36 points, 0.2%, to 21.981 at the open. The S&P 500 advanced 4 points, or 0.2%, to 2,476, only a few points below its record close at 2,480.91. The Nasdaq Composite index rose 16 points, or 0.3% to 6,445, trading in record territory. Among the best performers on Wall Street, Wynn Resorts, Limited rose sharply.

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From:: Stock Market News

Expedia, Inc. named Alan Pickerill, a senior vice president at the company, as its chief financial officer Friday. Pickerill takes over the role from former CFO, Mark Okestrom who was named as the chief executive of Expedia. The executive shuffle came after the former CEO, Dara Khosrowshahi, was named as the new CEO of Uber Techologies Inc. Pickerill joined Expedia in 2008 and took on the role of head of investor relations in 2010. He has 30 years of finance and accounting experience, according to the press release. Shares of Expedia have gained 1% in the past three months, while the S&P 500 has gained 1.7%.

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From:: Stock Market News

The launch of Apple Inc.’s iPhone 8 could result in a super cycle this fall for the tech giant, says RBC Capital Markets analysts led by Amit Daryanani. RBC found in a recent survey there is “sizable pent up demand and excitement” for the iPhone 8 launch. That, combined with a 700 million-plus iPhone install base with extended replacement cycles should yield a super cycle, according to Daryanani. Two-thirds of respondents in RBC’s survey said they were considering buying a new iPhone, despite not having seen it. While the new iPhone is rumored to have long-desired features, such as wireless charging, the price point could be a concern. Reports suggest the new iPhone 8 will cost $1,000, but Daryanani wrote that a vast majority of survey respondents would only be willing to pay as much as $800. That being said, Daryanani doesn’t believe that would significantly impact demand. “We think iPhone 8 would be a premium product even within iPhones,” Daryanani wrote. “Our survey indicates that only 14% of interested users plan to pay upfront for the phone. Therefore, structured plans should be able to take the sting out of a high price point.” Shares of Apple have gained nearly 42% in the year to date, while the S&P 500 index is up more than 10% in the year.

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From:: Stock Market News

U.S. dollar weakened against rivals on Friday after government data showed fewer jobs were added in August than expected, while theunemployment rate ticked higher. The U.S. economy added 156,000 jobs last month, while jobs numbers for July and June were revised down. The dollar, which was already weaker against the euro, lost further ground. The euro traded at $1.1932, up 0.5%, compared with $1.1908 on Thursday. The dollar lost ground against the Japanese yen, buying ¥109.76. Before the release, the dollar was slightly stronger against the yen. The ICE Dollar Index, which measures the buck against a basket of six major rivals fell 0.3% to 92.37.

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From:: Stock Market News

Gold futures jumped, adding to slight gains, after Friday’s jobs report came in weaker than expected. The U.S. produced 156,000 new jobs in August, below Wall Street’s forecasts and the unemployment rate rose to 4.4% from 4.3%. December gold is trading 0.8% higher at $1,332.60 an ounce, compared with $1,323 before the results were released at 8:30 a.m. Eastern Time. The weaker number is supportive for gold because it may be interpreted as giving the Federal Reserve reason to delay lifting further interest rates in 2017. However, the reading still points to a U.S. economy that is growing, if not haltingly. Economists polled by MarketWatch had predicted a 170,000 increase in nonfarm jobs.

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From:: Stock Market News

U.S. stock-index futures were modestly higher on Friday, despite an August payroll report that came in below expectations. Dow Jones Industrial Average futures rose 61 points, or 0.3%, to 22,013, while S&P 500 futures added 6 points to 2,476, a rise of 0.2%. Nasdaq-100 futures added 16 points, or 0.3%, to 6,007. About 156,000 jobs were added in the month, below the 170,000 that had been forecast, while the July jobs report was revised lower. The unemployment rate rose to 4.4% from 4.3%. At current levels, the rise implied by futures could be enough to take the S&P 500 to intraday records.

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From:: Stock Market News

WASHINGTON (MarketWatch) – The U.S. produced 156,000 new jobs in August, below Wall Street’s forecasts but still enough to keep a growing economy on an even keel. Economists polled by MarketWatch had predicted a 170,000 increase in nonfarm jobs. The unemployment rate rose to 4.4% from 4.3%. Wages increased by 3 cents to an average of $26.39 an hour, the government said Friday. Hourly pay increased 2.5% from August 2016 to August 2017, unchanged from the prior month. The average workweek dipped 0.1 hour to 34.4 hours. The government cut its estimate of new jobs created in July to 189,000 from 209,000. June’s gain was trimmed to 210,000 from 231,000.

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From:: Stock Market News

Marathon Petroeleum Corp. said Friday it is contributing its joint-interest ownership in certain pipelines and storage facilities to MPLX for a total consideration of $1.05 billion. The assets are expected to generate about $138 million of 2018 adjusted EBITDA, the companies said in a joint statement. Marathon will receive $630 million in MPLX equity and $420 million in cash. The deal is expected to immediately boost MPLX’s distributable cash flow per unit. Marathon shares were not active premarket, but have gained 4% in 2017, while the S&P 500 has gained 10%.

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From:: Stock Market News