NEW YORK — Steady growth in hiring last month sent the stock market sharply higher Friday. The report gave a boost to stock market bulls, who expect the Federal Reserve to keep up its stimulus program as the U.S. economy continues to recover moderately.
The Dow Jones Industrial average rose 207.50 to close at 15,248.12. The S&P 500 index rose 20.82 to 1,643.38. The Nasdaq rose 45.16 to 3,469.21.
NEW YORK — Microsoft says its upcoming Xbox One gaming console will be able to play used games, clearing up a worry among gamers and retailers such as GameStop that trade in used games.
That means video games discs users buy will not be limited to one Xbox One device, and players can share or trade in the games they have bought for other used games, just as they have been able to do in the past.
NEW YORK — Ketchup maker H.J. Heinz Co. began a new chapter on Friday.
The company, which also makes baked beans, vinegar and Classico pasta sauce, said that it completed its acquisition by Warren Buffett’s Berkshire Hathaway and 3G Capital.
3G shifted one of its partners from the helm of Burger King to head Heinz. Bernardo Hees, 43, is taking the reins from William Johnson, who was the seventh CEO of the 144-year-old company for the past 15 years.
OVERLAND PARK, KAN. — Sprint Nextel Corp. says retired Admiral Mike Mullen, former chairman of the Joint Chiefs of Staff, will join the company’s board of directors and serve as its security director.
Sprint said Friday that Mullen. 66, will take on the new positions after SoftBank’s proposed $20.1 billion takeover of the company is complete in July.
Mullen will be Sprint’s contact with the government for all security measures.
FAYETTEVILLE, ARK. — Wal-Mart’s biggest news at its annual meeting on Friday was that the world’s largest retailer will repurchase up to $15 billion of its shares at a time when the behemoth faces increased scrutiny from investors about its business overseas.
The buyback replaces a $15 billion share repurchase program Wal-Mart began in 2011.
DETROIT — Toyota is giving the Corolla a sportier look and more gadgets, an acknowledgement by the world’s biggest automaker that the under-50 crowd wants more than just reliability in a compact car.
The automaker rolled out the 2014 version of the U.S. top-selling compact Thursday at a splashy event in Santa Monica, Calif.
The 2014 model, on sale in September, is longer and sits lower, with a look that’s much closer to a sports car than the econobox it replaces. It also gets a new transmission, suspension and interior that Toyota says will make the car quieter with better handling than the current version.
WASHINGTON — Americans borrowed more in April to attend college and buy cars and spent a little more with their credit cards than in the previous month.
The Federal Reserve said Friday consumer borrowing rose $11.1 billion in April from March to a seasonally adjusted $2.82 trillion. It’s the 20th straight gain and another record level. Nearly all of the gain came from a category that includes auto and student loans.