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Shares rally after U.S. jobs data; dollar gains

Global equity class="mandelbrot_refrag"> markets and the dollar rose on Friday, with U.S. stocks closing at record highs, after data on U.S. jobs creation bolstered risk appetite that was also fed by the European Central Bank's pledge to douse deflation with bundles of cash. The Dow and class="mandelbrot_refrag"> S&P 500 advanced in a broad rally that has spurred repeated records since last week. The CBOE Volatility index VIX, a measure of investor apprehension, tumbled 8.3 percent to its lowest level since February 2007. In Europe, peripheral class="mandelbrot_refrag"> markets outperformed as investors bet that banks in the class="mandelbrot_refrag"> euro zone would benefit the most from the ECB's measures announced on Thursday.   true       The U.S. nonfarm payrolls report showed a solid pace of hiring in May, returning employment to its pre-crisis level. The economy has recouped the 8.7 million jobs lost du

U.S. recoups jobs lost in recession as economy picks up

U.S. employment returned to its pre-recession peak in May with a solid pace of hiring that offered confirmation the class="mandelbrot_refrag"> economy has snapped back from a winter slump. Nonfarm payrolls increased 217,000 last month, the Labor Department said on Friday, in line with market expectations. Data for March and April was revised to show 6,000 fewer jobs created than previously reported. "This was a very solid report with no obvious warts to detract from the underlying message of sustained improvement in economic activity," said Millan Mulraine, deputy chief economist at TD Securities in New York. May marked a fourth straight month of job gains above 200,000, a stretch last witnessed in January 2000, even though it also was a slowdown from the 282,000 jobs created in April, when hiring was still bouncing back from a winter lull. The nation finally recouped the 8.7 million jobs lost during the recession, with 8.8 million more people working now

GM sets four more recalls, covering over 105,000 vehicles

General Motors Co on Friday announced four more recalls covering 105,688 cars and trucks globally, raising the number of recalls to 34 including the high-profile for defective ignition switches linked to at least 13 deaths. _0"> GM's 34 recalls so far this year cover almost 13.9 million vehicles in the United States, including the 2.6 million older cars with the defective ignition switch. Globally, GM has recalled about 15.9 million vehicles. Almost 90,000 of the vehicles recalled on Friday were sold in the United States. The automaker on Thursday released its internal probe detailing how lower-level employees turned a blind eye to the defective switch for 11 years, but cleared top executives of any blame. GM's largest recall on Friday covers 69,552 heavy-duty Chevrolet Silverado and GMC Sierra full-size pickup trucks from model years 2014 and 2015, as well as Chevy Tahoe and Suburban, and GMC Yukon SUVs from model year 2015. The vehicles are being recalled becaus

Wal-Mart appoints Walton family member as vice chairman

class="mandelbrot_refrag"> Wal-Mart Stores Inc appointed Gregory Penner as vice chairman, showing again that the world's largest retailer is looking at younger executives to revive its fortunes. The appointment of 44-year-old Penner puts him in a position to succeed Chairman Rob Walton, his 69-year-old father-in-law. Penner, who has been on Wal-Mart's board since 2008, is a general partner at Madrone Capital Partners, according to Wal-Mart's website. From 2002 to 2005, he was Wal-Mart's senior vice president and the chief financial officer of its class="mandelbrot_refrag"> Japan unit. The announcement, made in Wal-Mart's annual shareholder meeting on Friday, comes at a time when the company's U.S. same-store sales are falling and it struggles to get beyond a bribery scandal at its class="mandelbrot_refrag"> Mexico unit that cost it more than $500 million since 2012. Wal-Mart is also facing increasing dissent fro

S&P 500 nearing the 2K summit

Investors have spent several months deciphering the mixed signals from the U.S. class="mandelbrot_refrag"> economy , and yet the class="mandelbrot_refrag"> S&P 500 has kept moving higher, slowly but surely, putting it just shy of the 2,000 mark. With its Friday close, the S&P would need just a 2.5 percent gain to vault the 2K level - something most did not expect during the depths of the Great Recession. The move has been anything but frantic. The class="mandelbrot_refrag"> S&P 500 has not made a 1 percent move in a single session in almost two months, and the CBOE Volatility Index, the market's favored gauge of anxiety, fell below 11 on Friday, for its lowest close since 2007. "That the market is going up in low volatility is good for investor sentiment," said Doug Coté, chief market strategist at Voya class="mandelbrot_refrag"> Investment Management in New York. What's unclear is whether th

Icahn reports 9 percent stake in Family Dollar Stores

Activist investor Carl Icahn has reported a 9.39 percent stake in class="mandelbrot_refrag"> Family Dollar Stores Inc and said he could push for major changes or a sale of the company. _0"> Shares of Family Dollar, struggling under declining sales and profit, rose as much as 10 percent in extended trading on Friday. Icahn, known for taking big stakes in companies and pushing for management change, said in a regulatory filing that he may seek board representation in Family Dollar. ( r.reuters.com/nev89v ) Icahn said in the filing that he plans to talk to the convenience store operator about strategies, which may include the exploration of strategic alternatives. "Disclosed a 9 percent position in Family Dollar today. Hope to continue our streak of value enhancement," Icahn posted on Twitter. Family Dollar Chief Executive Howard Levine had disclosed a 8.18 percent stake in the company last November, according to Thomson Reuters data. Family Dollar

Icahn becomes largest shareholder in Family Dollar Stores

Hedge fund billionaire Carl Icahn became the largest shareholder in class="mandelbrot_refrag"> Family Dollar Stores Inc after reporting a 9.39 percent stake in the company on Friday, and said he may seek representation on its board. Shares of Family Dollar, struggling under declining sales, rose as much as 12 percent in extended trade on Friday. At 10.69 million shares, Icahn becomes the largest shareholder in Family Dollar. Chief Executive Officer Howard Levine disclosed a 8.18 percent stake with 9.31 million shares last November, according to Thomson Reuters data. Activist investor Nelson Peltz-led Trian Partners is the third-largest shareholder with a 7.35 percent stake and 8.37 million shares in Family Dollar, according to a March 31 filing. In 2011, Family Dollar rejected Peltz's bid to buy the company for at least $7 billion. Icahn, known for taking big stakes in companies and pushing for management change, said he plans to talk to the low-cost store ope