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Market Update

U.S. Jobless Rate Fell, World Markets in Holding Pattern

Author: Nichole Harper
Last Update: 8:55 AM ET July 02 2015

3:45 PM – U.S. payrolls expanded 223,000 in May and jobless rate fell to 5.3%. New orders for manufactured goods in May eased 1%. In the euro area wholesale inflation was stable. Monetary base in Japan continued to rise at a fast pace and investors worried about volatile markets in Shanghai.

Market indexes on Wall Street were in a holding pattern and in Europe indexes struggled to advance.

Seasonally adjusted U.S. weekly jobless claims rose 10,000 to 281,000 from the previous week’s unrevised claims of 271,000 the Department of Labor reported today.

U.S. non-farm payroll employment in June rose 223,000 and unemployment rate fell to 5.3% from 5.5% in May, the Bureau of Labor Statistics said.

New orders for manufactured goods in May dropped $4.5 billion or 1% to $470.5 billion, followed by 0.7% decrease in April, the Department of Commerce said.

On Wall Street, Tollbooth Strategy Index fell 0.4% or 42.01 to 10,646.56.

S&P 500 index slid 0.2% or 4.99 to 2,072.46 and the Nasdaq Composite Index decreased 0.4% or 20.12 to 4,992.86.

Crude oil in New York gained 50 cents to $57.46 a barrel and gold slipped $5.50 to $1,163.80 an ounce.

U.S. Movers

BP Plc] jumped 4.8% or $1.91 to $41.18 after the oil and gas company settled claims with the U.S. government and five other states related to Gulf of Mexico oil spill in 2010 and decided to pay $18.7 billion.

The company has already spent more than $40 billion for the oil spill cleanup and compensation for damages.

Centene Corporation (CNC) declined 6.5% or $5.19 to $75.63 after the healthcare company agreed to acquire Health Net, Inc. in a cash and stock deal for about $6.8 billion, including debt of $500 million.

The deal price represents a premium of 20.7% over the closing stock price of Health Net at $65.06 of July 1.

The deal is expected to close in early 2016.

Paypal, Inc, the electronic payment services provider agreed to acquire international payment services provider Xoom Corporation for $890 million in cash.

Shares of Xoom surged 22% to $25.24.

The deal is expected to close in the fourth-quarter.

European Markets

In the euro area industrial producer price index in May was stable but rose 0.1% in the EU28 region.

In April, prices decreased 0.1% in the euro area and remained stable in the wider region of EU28, the Statistical Office of the European Communities said.

In London trading, FTSE 100 index increased 0.4% or 27.64 to 6,636.24 and in Frankfurt the DAX index fell 0.7% or 75.27 to 11,105.23.

In Paris, CAC 40 index slipped 0.7% or 35.04 to 4,848.84.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc