US stocks approach records after strong jobs report
NEW YORK (AP) — U.S. stocks are jumping Friday and are on pace to set records after a strong July jobs report gave investors more confidence that the economy is still growing.
Bank stocks rose on the prospect of higher interest rates, while tech stocks and consumer companies also made big gains.
Investors sold traditionally safe stocks like utilities and phone companies and the prices of gold and silver fell.
The strong jobs report suggests that Britain's vote to leave the European Union in late June didn't have much effect on U.S. companies' hiring plans.
Security software maker FireEye tumbled after it reported weak sales, cut its estimates for billings and revenue, and said it will eliminate 300 to 400 jobs to reduce costs.
Security software rival Symantec disclosed a larger profit and better sales than expected in its fiscal first quarter, and its full-year profit forecast was stronger than expected.
Bristol-Myers Squibb stock sank $11.76, or 15.6 percent, to $63.56 after the company said its drug Opdivo did not halt progression of non-small cell lung cancer in a clinical study.
Opdivo is used to treat several types of cancer and it brought in $1.5 billion in revenue for Bristol-Myers in the first half of this year, but the company is running more studies in the hope of winning new marketing approvals.
The failure boosted shares of Merck, which also makes a drug that stimulates patients' immune systems to fight lung cancer.