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Midday Market Update

Stocks Rise After Upbeat Jobs Data

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U.S. Market    
Stocks rose this morning after a better-than-expected jobs report.

The U.S. economy added 255,000 jobs last month, well above the 180,000 that had been expected. The unemployment rate was unchanged at 4.9%.

The trade gap grew by a larger-than-anticipated 8.7% in June from the previous month as import rose by 1.9% and exports gained 0.3%.

At midday the Dow was up 0.9%, the S&P 500 gained 0.8% wile the Nasdaq was 1.1% higher.

Stocks on the Move
 Bristol (BMY) announced  negative top-line trial results for key cancer drug Opdivo in lung cancer that will likely reduce the drug’s potential share in immuno-oncology with  Merck’s (MRK) Keytruda gaining share. Bristol shares sank more than 15% on the report while Merck gained over 7%. 

Foreign Markets
European markets were higher again today. The FTSE 100, Germany’s DAX and Paris CAC were up 0.8%, 1.4% and 1.5% respectively.

Asian markets were mixed. The Shanghai Composite was down 0.2%, the Nikkei 225 was flat while the Hang Seng gained 1.4%.

Jeremy Glaser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.