Stock Market News: Employment Numbers Exceed Expectations, Lead to Closing Highs for Dow, S&P 500
The U.S. financial markets ended the week on a high note Friday, with both the Dow Jones industrial average and S&P 500 closing higher, USA Today reported.
Traders took note of the positive employment picture from last month, when businesses added 321,000 jobs, the newspaper said. The numbers marked the largest one-month gain in more than two years, according to the U.S. Department of Labor. They positively surprised economists, who had only anticipated about 225,000 new jobs.
The Dow was up 0.3 percent, or 59 points, and achieved a new closing high of 17,958.79. The S&P 500, meanwhile, rose 0.2 percent, or about three and a half points, to close at a new high of 2,075.37, according to USA Today. Both hit their previous closing highs on Wednesday.
The biggest winners on Friday were JPMorgan Chase, Goldman Sachs and Starbucks, Bloomberg noted. In fact, the coffee house company jumped 2.8 percent to a record.
The troubled energy market, however, meant that Apache and Chevron went against the grain; their values dropped for the second day in the row. Also down was Google, which lost 2.2 percent after Bank of America downgraded its shares.
Overall, the employment numbers made for festive investors, Bloomberg noted.
"It was an amazing jobs report, with gains across every sector," Joe Kinahan, the chief strategist at TD Ameritrade, told the channel. "It really was a number that Wall Street wasn't prepared for. The market doesn't like surprises, so there was selling pressure. But the number is too good to sell on based off of that."
The 17,958.79 closing mark left the Dow just short of the symbolic 18,000-point threshold, the Associated Press found.
"Just five months after cresting the 17,000-point level for the first time ... the blue chips came within nine points of (18,000) Friday, before pulling back," the news service detailed.
Despite this week's solid performance, the Dow is still underwhelming traders in comparison to other indexes. So far this year, the S&P 500 is up 12.3 percent and the Nasdaq logged 14.5 percent in gains; the Dow, meanwhile, only grew 8.3 percent.
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