Steady employment bolsters Wall Street

For the most part, investors were relieved to hear that the unemployment rate held steady at 4.5 percent in June for the third straight month, as expected, and that 132,000 jobs were added ‘ fewer than in May, but slightly higher than the average forecast. The Labor Department data also showed that a larger number of jobs were created in April and May than previously thought, and that June’s average work week ticked up 0.1 percent.

Friday’s jobs report was the most significant economic release of the shortened Fourth of July week, and indicated a fairly robust job market, given the slow-growing economy. If the majority of Americans are employed, they will likely keep spending and boosting corporate profits.

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NEW YORK (AP) ‘ Retail gas prices rose overnight Friday for the first time in more than a month as the closure of a Kansas refinery sent prices in the center of the country sharply higher. Oil futures, meanwhile, surged $1 a barrel to another 10-month high.

The average national price of a gallon of gas inched up 0.3 cent to $2.952, according to AAA. Retail prices, which typically lag futures, had fallen steadily since their late May peak of $3.227 a gallon.