Stocks closed higher for the week after a weaker-than-expected jobs report tamped down expectations for a September rate hike. Bobbi Rebell reports.
Wall Street getting a bit of a boost after a weaker-than-expected jobs report. Heading into the labor day holiday weekend, the major U.S. indexes all closing higher. For the week, stocks were higher as well. The Labor Department said U.S. nonfarm payrolls increased 151,000 in August. Economists polled by Reuters expected a 180,000 gain. Weaker sectors included manufacturing and construction. Average hourly earnings rose by 0.1 percent. But July's results were revised higher. Eric Wiegand of U.S. Bank: (SOUNDBITE) ERIC WIEGAND, SENIOR PORTFOLIO MANAGER, U.S. BANK. "Wouldn't be surprised to see this revised at a later date, in a more meaningful way, but, clearly, suspect that we are not likely to see any rate hike normalization coming out of the meeting in September. " Ireland's cabinet has agreed to join Apple in appealing the $14.5 billion back tax demand that the European Union imposed on the iPhone maker. The ruling also angered U.S. officials who claim the EU is trying to grab tax revenue that should go to the U.S. government. Lululemon stock took a big hit, after the Canadian yoga wear retailer reported comparable sales growth below expectations. Also to the downside: Smith and Wesson on a downgrade from brokerage Craig Hallum. In Europe, shares rose to their highest level in more than three months.