Ticker: P&G recalls 8.2 million bags of Tide, Gain; Wall Street gains ground off US jobs report
Procter & Gamble is recalling more than 8 million bags of Tide, Gain, Ace and Ariel laundry detergent packets sold in the U.S. and Canada due to a defect in the products’ child-resistant packaging.
According to Friday notices from both P&G and product-safety regulators in the U.S. and Canada, the outer packaging meant to prevent easy access to the liquid laundry detergent pods can split open near the zipper track, posing serious risks to children and others who may ingest them, in addition to possible skin or eye injuries.
Wall Street gains ground off US jobs report
Stocks ended solidly higher and bond yields rose Friday as Wall Street welcomed a surprisingly strong U.S. jobs report.
The S&P 500 rose 1.1%, making up most of the loss from the previous day and moving closer to its record high set last week. The benchmark index still posted its first weekly loss in three weeks.
The Dow Jones Industrial Average rose 0.8% and the Nasdaq composite gained 1.2%.
Technology companies accounted for a big share of the rally. Chipmaking giant Nvidia rose 2.4% and Google’s parent company, Alphabet, rose 1.3%.
The gains were broad, with every sector in the S&P 500 finishing in the green.
The robust job market has also sparked concerns about inflation creeping higher, which could delay any rate cuts by the Federal Reserve. However, Friday’s report showed that wages rose a modest 0.3% for the month, which puts less upward pressure on inflation, and Wall Street still expects the Fed to begin cutting rates in June.