Stocks began the second quarter with a strong showing, and closed out the week higher as well. Bobbi Rebell reports.
Stocks bounced back from losses in the morning on a day flooded with data, beginning with a key government report. The U.S. economy added 215,000 jobs in March, slowing from February. The unemployment rate inched up as more people looked for work. Wages rebounded. Erin Browne of Point72 Asset Management: (SOUNDBITE) ERIN BROWNE, GLOBAL MACRO PORTFOLIO MANAGER, POINT72 ASSET MANAGEMENT, (ENGLISH) SAYING: "I don't think this number was strong enough to really change expectations for rate hikes materially. I think we're going to have to see more data come in." For the week, all the major indexes closed higher. The Nasdaq up three percent. Separately, the Institute for Supply Management reported the manufacturing sector resumed growth last month. Construction spending fell in February. And major automakers posted weak sales increases in March. Shares of Starwood Hotels and Marriott fell. Anbang Insurance walked away from its $14 billion bid for Starwood, ending a bidding war with Marriott. Tesla says it has received about 200,000 orders for its first mass market car, the Model 3. That sedan is crucial for the electric car maker's growth plans. Shares rose. Deutsche Bank dealing a blow to airline stocks. It downgraded the major carriers to hold and cut their price targets, saying demand for business travel could weaken. In Europe, falling oil prices hurt energy stocks. The major markets closed lower.