U.S. stocks closed at record highs for a second straight day on Friday. As Fred Katayama reports, a rally in tech and industrial stocks offset a tepid jobs report.
A tepid jobs report didn't keep stocks from edging higher and hitting record highs on Friday. Industrial and tech shares spearheaded the rally. Employers added fewer people to their payrolls in May than economists expected. The modest 138,000 increase could raise concerns about the economy's health but may still be enough for the Fed to raise interest rates this month. That weak payrolls data pushed Treasury yields lower. John Manley of Wells Fargo Funds management SOUNDBITE: JOHN MANLEY, CHIEF EQUITY STRATEGIST, WELLS FARGO FUNDS MANAGEMENT (ENGLISH) SAYING: "The number. It's one number. The number two: It gives the reason to think perhaps the Fed is not going to be quite as aggressive in raising rates as before so there's a little good and a little bad in this. It was a dismal number, but it's not a disaster." RH's high-flying shares taking a big beating. The company that runs furniture retailer, Restoration Hardware, cut its fiscal year forecast for adjusted profit. Canada Goose shares flying higher. The Canadian apparel maker's quarterly loss widened, but that was smaller than analysts expected. Another Canadian company surging: Lululemon. The yoga pants maker's quarterly profit fell but beat expectations, and Lululemon said it would shut down most of its money-losing stores for girls, Ivivva. International investors kept pouring money into European stocks, boosting the region's indexes.