Stocks Up On New Employment Data – Forbes- Stock Trading News
Automatic Data Processing ( ADP – news – people ) recorded 491,000 lost jobs, far better than estimates and a world apart from March’s revised loss of 708,000 jobs. While the figure is not always a reliable precursor to the government’s monthly report on nonfarm payrolls, the encouraging report drew cheers early in the session. Bank of America ( BAC – news – people ) needs up to $34 billion in fresh capital, but the firm’s shares jumped nearly 15%. Citi ( C – news – people ), which argued that Bank of America has plenty of options to raise the money aside from giving a bigger chunk of the bank to the government. read more
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