- U.S. stocks end with week on a positive note as the market advances at record highs. U.S. stocks rose today as jobs report was released showing the 217,000 jobs added to the economy. Which marks the fourth consecutive month employment increased by more than 200,000. Thus showing signs the economy is back to where it used to be before the recession and regaining its 8.7 million jobs it lost. Unemployment remains at 6.3%.
- Federal Reserve officials are watching the labor market as they move to complete their bond-purchase program late this year. Thus Fed tapering is still on schedule.
- The S&P 500 closed 0.46% higher to 1,949.44 and the Dow Jones Industrial Average had added 0.52% to 16,924.28. The Nasdaq was 0.59% higher to 4,321.4.
- According to Wall Street Journal “Service-sector jobs once again led job growth. The health-care and social-assistance category added 39,000 jobs. Retailers added 12,500 jobs and the transportation and warehousing sector added 16,400. Manufacturing added 10,000 jobs and the construction industry added 6,000.”
- Crude Oil futures rose 0.3% to 102.79 due to strong jobs data which is fueling demand. Gold futures fell from a one-week high as equities advanced, diminishing demand for the precious metal as an alternative investment, -0.07% to 1252.40
Categories: Equity Capital Markets