SmarTrend Market Close Wrap-Up: May 6, 2011





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Published on May 6, 2011

The major U.S. equity indices closed higher Friday following a better-than-expected April payrolls report.

The American economy added 244,000 jobs in April, the largest increase in almost a year, but the unemployment rate actually rose to 9% from the reported 8.8% in March, as more people actively looked for work, the U.S. Bureau of Labor Statistics reported today.

In corporate news, American International Group (NYSE:AIG) reported a Q1 loss of $0.35 per share late yesterday, substantially worse than the consensus estimate for a loss of $0.15 per share.

Sony Corp. (NYSE:SNE) Chairman Howard Stringer apologized and offered U.S. customers of PlayStation Network and Qriocity online entertainment services a year of free identity-theft protection after hackers crippled the system, according to a Bloomberg report.

The company will offer a $1 million insurance policy per user. Subscribers have until June 18 to sign up for Debix Inc.'s AllClear ID Plus protection program.

The Dow Jones Industrial Average (DJI) closed 0.43% higher at 12,638.74, the S&P500 (INX) closed 0.37% higher at 1,340.20, and the Nasdaq Composite (IXIC) closed 0.46% higher at 2,827.56.


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