New data on the labor market released Friday showed the U.S. added 1.76 million jobs in July, data from a monthly nonfarm payrolls report showed.
The unemployment rate fell from 11.1% in June to 10.2% in July, better than the 10.5% number that analysts expected. While in one sense that’s good news, Wall Street and Capitol Hill are beholden to their own brand of logic.
Negotiations over the next round of post-pandemic fiscal stimulus took a step back on Friday, as talks fell apart. Some analysts think the better-than-feared employment data may be partially to blame, as the GOP feels it’s gained some leverage in the discussions.
The Dow Jones Industrial Average added 46 points, or 0.2%, to finish at 27,433 on Friday.
Groupon soars on turnaround hopes. Online discount deals company Groupon (ticker: GRPN) reported second-quarter earnings that dramatically surpassed expectations, showing that while the business took a predictable hit, it’s down but not out.
Revenue fell 26% from the same period a year ago, but the $396 million number was so above and beyond the $200 million consensus that investors had little choice but to bid shares higher. The bottom line also impressed, with Groupon posting a loss of 93 cents per share against the $2.75 per share loss analysts expected.
Biogen surges on Alzheimer’s progress. While the day-to-day news in health care is dominated by the pandemic and the race for a vaccine, drugmaker Biogen ( BIIB) just got one step closer to making some serious progress on Alzheimer’s disease, a tragic condition that erodes memory slowly and often affects language.
Biogen, along with the Japanese company Eisai, announced encouraging news from the Food and Drug Administration, which granted an expedited review of aducanumab, a potential blockbuster treatment that aims to delay the progression of the disease.
Biogen shares finished the day up 10.1%.
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