The US economy unexpectedly shed 23,000 jobs in July, sharply missing forecasts for gains of 80,000 to 100,000, sending the dollar lower and stocks higher as the weak data eased fears of near-term Federal Reserve rate hikes. Nearly every European market closed higher, with Paris, Frankfurt and Milan again reaching all-time highs, while Wall Street indices flirted with records for the Dow and S&P 500. The report, combined with steep downward revisions to May and June payrolls, is likely to revive Fed concerns about labor market health and make officials less inclined to tighten soon, according to Capital Economics economist Thomas Ryan. Hopes for an imminent US-Iran deal to end the Strait of Hormuz blockage added to optimism, though oil prices turned higher ahead of the weekend amid reports Iran planned to block US and Israeli ships. Brent North Sea Crude rose 1.4 percent to $83.60 per barrel and West Texas Intermediate gained 1.2 percent to $78.25.
Camden National Corporation
Dow Inc
W&T Offshore Inc