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Friday Morning Business Brief

June 6, 2014, 5:33 AM

Friday Morning Business Brief
NEW YORK -

Traders are hoping the stock market continues to climb today. New steps from the European Central Bank to revive the eurozone's economy gave markets a lift yesterday. The S&P 500 rose 12 1/2 points to close at 1,940. The Dow Jones industrials were up 98 1/2 points to 16,836. Both the S&P and Dow are at record-high levels. The Nasdaq gained 44 ½ points to 4,296. Futures point to a higher opening today.

  • European stocks edged higher a day after the European Central Bank unveiled new measures to boost economic growth but other benchmarks struggled Friday as investors awaited the U.S. jobs report for May. Most Asian benchmarks ended lower. The dollar strengthened against the euro and slipped against the yen Benchmark crude oil slipped but remained above $102 a barrel.
     
  • Wall Street has been waiting for the monthly jobs report and today is the day. The Labor Department will report May's employment data this morning. This afternoon, the Federal Reserve will release consumer credit data for April.
     
  • The government reports May employment figures today and they could bolster optimism about an economic rebound. FactSet reports economists predict employers added 220,000 jobs in May, in line with this year's monthly average. They also predict the unemployment rate rose to 6.4 percent from 6.3 percent, mostly because more people are actively seeking work.
     
  • The World Bank and the International Monetary Fund are urging China to focus on controlling risks from rapidly rising debt due to its reliance on credit-fueled growth. The comments today add to warnings by private sector analysts that China's run-up in debt, especially since the 2008 global crisis, could lead to financial problems and disrupt economic growth that already is slowing. The World Bank says Beijing should pay close attention to rising credit and reduce debts owed by local governments.

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