The so-called JOLTS report on the job market did little to inspire investors on Friday. The Labor Department said job openings slipped slightly in March, and the number people quitting their jobs was little changed. The Job Openings and Labor Turnover survey is one of Federal Reserve Chair Janet Yellen’s favorite economic indicators because it gives a closer look at the labor market picture.
Meantime, Dallas Federal Reserve Bank President Richard Fisher said in a speech on monetary policy in New Orleans that the Fed’s bond buying program should end in October.
In corporate news, Apple (AAPL) shares closed down 0.42%. The company may be putting its big cash pile to work. Apple is reportedly in talks to buy Beats Electronics for about $3.2 billion. Beats was founded by rap icon Dr. Dre. It sells high-end headphones and just launched music subscription service. The Beats deal would be the biggest ever for Apple, according to Thomson Reuters data.
Ralph Lauren (RL) closed down 2.09%. The retailer disappointed with a weak outlook for the current quarter and the full year.
And Netlfix (NFLX) shares closed up 2.14%. Starting today, new Netflix customers will pay $1 more, or $8.99 a month, for its video-streaming service. However, existing subscribers will not have to dish out any extra cash for the next two years.