Transportation stocks took a big hit Friday, losing 58.85, while utility issues fell 3.70. The Amex closed up 5.60 at 945.23. On the big board, advancing issues led declining ones by a 3-2 margin with 1.007 billion shares trading hands. The U.S. employment rate dropped to 4.4-percent in May, the first decrease in 8 months. The cut would have been more, but factory works had an increase in unemployment for the tenth straight month.
Analysts believe unemployment continue to rise in the future.
Vivendi, a large producer of textbooks in Europe, will acquire the one of the few remaining independent U.S. text book producers, giving Vivendi a foothold on the American market. Ford has put the blame on faulty Firestone tires and has severed its relationship with the tire maker. The Census Bureau released a report Friday which says that more older Americans are staying in the workplace than ever before. 4.5 million people in the U.S. who are 65 or older are working or actively seeking work. According to the report, needing money for health care is a primary reason Americans are working longer.