US stocks end up after jobs data

Dhaka,  Fri,  22 September 2017
Published : 11 Mar 2017, 10:59:41

US stocks end up; jobs data points to economic strength

US stocks end up after jobs data
U.S. stocks rose on Friday after a solid jobs report pointed to strength in the domestic economy and supported expectations the Federal Reserve will raise interest rates next week, reports Reuters.

Indexes ended lower for the week, however, with the S&P 500 and Nasdaq breaking a six-week streak of gains.

Government data showed 235,000 jobs were added in the public and private sectors in February, far exceeding economists' average estimate of 190,000.

Gains were broad-based, though the utilities index .SPLRCU, which fell sharply earlier in the week and lost 1.2 per cent for the period, was the day's best-performing sector, ending up 0.8 per cent.

The Dow Jones Industrial Average ended up 44.79 points, or 0.21 per cent, at 20,902.98, the S&P 500 gained 7.73 points, or 0.33 per cent, to 2,372.6.

The Nasdaq Composite added 22.92 points, or 0.39 per cent, to 5,861.73.

For the week, the Dow was down 0.5 per cent, the S&P 500 was down 0.4 per cent and the Nasdaq was down 0.2 per cent.

While passage of the bill remains uncertain, some analysts believe the bill will go through. Tenet Healthcare shares fell 5.3 per cent.

Finisar Corp shares fell 22.7 per cent after the network equipment maker gave disappointing revenue and profit forecasts for the current quarter.

Advancing issues outnumbered declining ones on the NYSE by a 2.04-to-1 ratio; on Nasdaq, a 1.39-to-1 ratio favoured advancers.

The S&P 500 posted 42 new 52-week highs and five new lows; the Nasdaq Composite recorded 82 new highs and 36 new lows.

About 6.9 billion shares changed hands on US exchanges, close to the 7.0 billion daily average for the past 20 trading days, according to Thomson Reuters data.
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