Rising energy shares lifted the S&P 500 to a record close. A strong jobs report couldn't jolt stocks much higher. Fred Katayama reports.
Stocks edged higher on Wall Street. Rising oil prices sparked a rebound in energy shares, but a drop in healthcare stocks and IBM offset that. A strong jobs report couldn't jolt stocks much higher. The U.S. economy added 211,000 jobs in April, pointing to a tigher labor market. Oliver Pursche of Bruderman Brothers: SOUNDBITE: OLIVER PURSCHE, CEO, BRUDERMAN BROTHERS, (ENGLISH) SAYING: "When you peel the onion, it's just enough to give the Federal Reserve the ammunition they ened to raise interest rates in June, but not enough to create any wage inflation or any kind of excitement for the markets to really go rah, rah after this report." IBM shares were the Dow's biggest drag. Billionaire investor Warren Buffett said he sold nearly a third of his stake in Big Blue. Biogen and Celgene weighed on the S&P 500. Healthcare stocks fell one day after the House of Representatives narrowly passed a healthcare overhaul bill. Shake Shack shares bolted higher. Rising sales in new restaurants boosted quarterly profit and revenue at the upscale burger chain past Wall Street's estimates. In Europe, energy and materials shares powered the markets higher ahead of the French election.