US stocks inch higher after jobs report

NEW YORK: US stocks are rising yesterday after the government said hiring bounced back in April. That suggests the economy should start growing faster in the next few months after a sluggish start to the year. IBM is slumping after billionaire investor Warren Buffett said he sold a large part of his stake in the company.

Keeping score: The Standard & Poor’s 500 index picked up 1 point, or 0.1 percent, to 2,391 as of 10 a.m. eastern time. The Nasdaq composite rose 5 points, or 0.1 percent, to 6,080. The Russell 2000 index of smaller-company stocks held steady at 1,389.

The Dow Jones industrial average slumped 20 points, or 0.1 percent, to 20,931 because of IBM’s loss.

JOBS: Employers in the United States added 211,000 jobs in April, according to the Labor Department. That was a relief to investors who were concerned about slower hiring and economic growth over the first three months of the year because. Wages grew at a slower pace, however.

IBM gets buffet-ted: IBM fell after Warren Buffett said he’s sold about 25 million shares of the technology company, about a third of the stake that his Berkshire Hathaway company had owned. Buffett started buying IBM stock in 2011. IBM faces stiff competition from companies including Microsoft and Amazon, which have focused on cloud computing services. IBM reached an all-time high of $215 in early 2013. It fell $3.92, or 2.5 percent, to $155.14 Friday. About a year ago the stock was worth less than $120 a share.

Tiffany network: CBS announced a bigger profit and more revenue than analysts expected, and its stock gained $1.15, or 1.8 percent, to $65. Media companies have struggled the last few days as investors worried about declining cable ad revenue. — AP