Stocks rise as investors parse latest jobs report
NEW YORK — A see-saw start to the stock market ended with a rally Friday, as traders bet that robust hiring would boost the economy.
After the government reported strong hiring for June, traders and investors struggled over how to react. At first, they pushed stocks higher because the report was better than expected. Then they pushed stocks lower because the improving jobs market made it more likely the Federal Reserve would scale back its economic stimulus. After waffling, investors finally settled on an optimistic outlook.
The Dow Jones industrial average rose 147.29 to 15,135.84. The S&P 500 rose 16.48 to 1,631.89. The Nasdaq composite climbed 35.71 to 3,479.38.
Relatively few shares changed hands Friday because many traders were on vacation after the Fourth of July holiday. Light volume may have also contributed to the early volatility.
Chrysler recalling vans for defective air bags
AUBURN HILLS, Mich. — Chrysler is recalling 282,000 minivans from the 2013 model year because the side air bags can deploy on the wrong side in a crash.
Side air bags are supposed to deploy on the side of the vehicle that’s involved in a crash. Chrysler says a software problem is causing its air bags to deploy on the opposing side of the vehicle.
Affected models are the Dodge Grand Caravan, Chrysler Town and Country and Ram Cargo Van. The campaign involves 224,000 vehicles in the U.S.; 49,300 in Canada; 2,900 in Mexico and 5,300 elsewhere.
Chrysler will notify affected customers. Dealers will reprogram the software for free.
FCC approves Softbank offer for Sprint Nextel
WASHINGTON — The Federal Communications Commission says it approved Softbank Corp.’s bid for Sprint Nextel Corp.
The FCC gave thumbs up to the $21.6 billion deal on Friday, completing the government’s review of the Japanese company’s investment in Sprint. Softbank will have a 78 percent stake in Sprint, the third largest U.S. wireless carrier.
The FCC also approved Sprint’s plan to buy the half of wireless operator Clearwire that it does not already own. Softbank has said it expects the Sprint deal to close this month.
Dell falls as reports say buyout won’t be raised
NEW YORK — Shares of Dell slid Friday on reports that founder Michael Dell and Silver Lake Partners don’t plan to raise their $24.4 billion buyout offer for the company
Major media outlets reported there won’t be an increase in the bid, as Michael Dell and Silver Lake believe the offer from February represents a fair value. Dell’s shares slid 2.1 percent to close at $13.03 as investors became more concerned the offer won’t go through. Shareholders will vote on the buyout July 18.
Investor Carl Icahn, Dell’s second biggest shareholder, wants Dell to remain publicly traded.
New leadership tapped for BMW Upstate plant
GREENVILLE — Luxury autombile maker BMW has announced a change in leadership at its Greer assembly plant.
The company thsi week that said Manfred Erlacher, managing director of a BMW plant in Saxony, Germany, will take over as president of BMW Manufacturing effective Nov. 1. Josef Kerscher, head of the Spartanburg County factory since 2007, will transfer to a Bavaria plant as managing director.