U.S. stocks closed near the session's highs. But the major indexes lost ground for the second straight week. Fred Katayama reports.
U.S. stocks rebounded to close near the session's highs despite a disappointing jobs report. Basic material and technology stocks helped lift the S&P 500. For the week, however, the major indexes lost ground. In April, the U.S. added 160,000 jobs - far fewer than forecast. And the unemployment rate held steady at 5 percent. Chase senior economist Jim Glassman: SOUNDBITE: JAMES GLASSMAN, SENIOR ECONOMIST, CHASE (ENGLISH) SAYING: "When you put this report together with the trend we've been watching in jobless claims, which is much more comprehensive and more timely information, it's telling you that the job market is doing pretty well even if this month's report is a little disappointing." (09:41:00) J.C. Penney is cutting payroll and freezing overtime. The New York Post reports that an "expense challenge" is driving the department store operator to take those measures. Shares dropped. Endo shares plummeted after the drug maker slashed its profit and revenue forecasts for the full year. That dragged down shares of other generic and specialty drug makers. GoPro is delaying the launch of its drone that is seen as key to turning the company's fortunes. Shares fell. European shares fell modestly, led lower by tech and healthcare stocks. But the FTSE 100 and DAX inched higher.