Wall Street Rallies on Friday

The U.S. stock market jumped in Friday morning trading on a strong labor market report. The U.S. created 213,000 new jobs in June, which was higher than expected. However, the unemployment rate rose to 4% from 3.8%.

Shares of PriceSmart Inc. (NASDAQ:PSMT) fell on Friday after the company posted third-quarter earnings per share of 61 cents on revenue of $782.2 million, representing a 7.1% year-over-year increase. The company managed to beat revenue expectations by $5.2 million, but fell 2 cents short of earnings estimates.

Net warehouse club sales rose 5.6% to $750.5 million. PriceSmart had 41 warehouse clubs in operation as of May, up from 39 locations a year ago. 

Moreover, the company registered operating income of $28.4 million, as compared to $27.6 million in the prior year.



Global markets

The main European stock markets traded in positive territory. The U.K.’s FTSE 100 advanced 0.19%, France’s CAC 40 gained 0.18%, Spain’s Ibex 35 inched up 0.39% and Germany’s Dax rose 0.26%.

In Asia, markets closed in positive territory. Japan’s Nikkei 225 gained 1.12%, India’s BSE Sensex rose 0.23%, Hong Kong’s Hang Seng advanced 0.47% and China’s Shanghai composite jumped 0.49%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio

Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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