The Dow rose to its eighth straight record closing high. Fred Katayama reports.
Make it eight in a row for the Dow. The blue chip index closing at yet another record high Friday. A strong jobs report nudged stocks higher. Employers added 209,000 jobs in July, topping economists' forecasts. The unemployment rate ticked down to 4.3 percent, and average wages rose by the most in five months. That raised the chances of an interest rate hike by the end of the year. Bankrate.com's senior economic analyst, Mark Hamrick: SOUNDBITE: MARK HAMRICK, SENIOR ECONOMIC ANALYST, BANKRATE.COM, (ENGLISH) SAYING: "If things proceed as they now appear to be doing, we think that the Fed is absolutely on track to raising interest rates at least at some point in the coming months, probably not September. December or January - those seem to be as good a bet as any right now." 9;40:00 Yelp shares skyrocketed. The online review site for local businesses is selling its Eat24 business to Grubhub for nearly $288 million. A federal jury convicted Retrophin founder Martin Shkreli of securities fraud. Shares of the drug maker rose. Weighing on the Dow and S&P 500: Walt Disney. Viacom shares dropped a day after the media giant forecast a dip in sales this quarter to pay-TV companies and streaming video services. In Europe, a broad-based rally led by consumer and industrial stocks powered shares higher.