Jobs report boosts tech, consumer stocks

NEW YORK — U.S. stocks climbed Friday after the government said hiring grew at a stronger pace in June.

Technology and consumer-focused companies led the way as investors were glad to see a positive sign for the economy.

Stocks regained much of the ground they lost Thursday.

“The data itself shows a pretty strong labor market,” said Sean Lynch, co-head of global equity strategy for the Wells Fargo Investment Institute. He said it “probably lays to rest some of the worries” that “we were taking a step back from an economic standpoint.”

Despite Friday’s gains, technology stocks have had a bad month.

The Nasdaq composite closed at an all-time high June 8, and the S&P 500 technology index closed at a 17-year-high.

Since then the tech index has dropped 4 percent, its worst one-month stretch since Britain voted to leave the European Union last June.

Apple and Alphabet, Google’s parent company, have both fallen almost 8 percent in that time, while chipmaker Nvidia is down 10 percent, and smaller chip and chip equipment companies have taken even sharper losses.

“If the markets are to go higher, it’s got to come from somewhere other than technology,” Lynch said. Stock market activity this week

Stock splits this week

Bellatrix Exploration 1-for-5 reverse split

Increased dividends

Enterprise Products Partners .42 from .415

Highway Holdings .10 from .07 Matson .20 from .19 Riverview Bancorp .0225 from .02

Tallgrass Energy Partners .925 from .835

Tallgrass Energy GP .3425 from .2875

Acquisitions and mergers

Alon USA EnergyDelek US (464M)

Brookfield Canada Office PropertiesBrookfield Property Part (5B)

CardConnect-First Data (750M)

FairPoint Communications-Consolidated Communications (1.5B)

Oneok Partners-Oneok (9.3B) New stock listings NYSE Baker Hughes, a GE Company class A Byline Bancorp Seaspan 8.2pc pfd G Nasdaq PennTex Midstream Partners

Sears Canada

Stocks removed from trading Alon USA Energy Baker Hughes Envision Healthcare pfd

Oneok Partners