The Dow Jones Industrial Average closed at 31,496.30 on Friday with a gain of 572.16 points or 1.85{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}. The S&P 500 closed at 3,841.94 for a gain of 73.47 points or 1.95{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}. The Nasdaq Composite closed at 12,920.15 for a gain of 196.68 points or 1.55{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}. The VIX Volatility Index was lower at 24.66 for a loss of 3.91 points or -13.69{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}.
For the week, the S&P 500 gained 0.8{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9} and the Dow Jones gained 1.8{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}. The Nasdaq Composite reported a weekly loss of approximately 2.1{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}. For the year, the Dow Jones has a gain of 2.9{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}, the S&P 500 has a gain of 2.3{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9} and the Nasdaq has a small gain of around 0.2{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}.
Friday’s market movers
U.S. stocks rebounded on Friday to close the week on a high note after three days of losses. All three of the major indexes gained more than 1{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}. Investors were pleased with the February jobs data, which showed the following:
- Non-farm payrolls up by 379,000 following an increase of 166,000 and beating consensus of 170,000.
- Unemployment rate 6.2{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}, down from 6.3{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}.
- Private non-farm payrolls up by 465,000 following an increase of 90,000 and beating the estimate of 180,000.
- Government payrolls down by 86,000 following an increase of 76,000.
- Manufacturing payrolls up by 21,000 following a decrease of 14,000.
- February average hourly earnings increased 0.2{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9} and year-over-year average hourly earnings increased 5.3{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}.
- Average weekly hours were 34.6, down from 34.9.
- Participation rate unchanged at 61.4{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}.
In other news:
- California announced reopenings for theme parks and stadiums with some limitations.
- The fate of Covid stimulus remained uncertain into the weekend.
- The yield on the 10-year Treasury increased slightly and the 30-year Treasury yield was basically unchanged.
- The January balance of trade report showed a deficit of $68.2 billion. Exports were $191.9 billion and imports were $260.2 billion.
- The Baker Hughes weekly oil rig count showed one new rig in the U.S, 24 rigs added internationally and a decrease of 22 rigs in Canada.
- Consumer credit outstanding decreased by $1.31 billion in January following an increase of $8.8 billion.
Across the board
- The S&P 500 energy sector led the day’s gains with an increase of 3.74{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}. Oil prices were also higher.
- Microsoft (NASDAQ:MSFT) up 2.15{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9} despite news of an email breach and potential loss of a Pentagon contract.
- Disney (NYSE:DIS) up 1.04{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}.
- Tesla (NASDAQ:TSLA) down 3.78{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}.
- Johnson and Johnson (NYSE:JNJ) up 2.03{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9} with vaccine approval in Canada.
Small-cap stocks
In small caps, the Russell 2000 closed at 2,192.21 for a gain of 45.29 points or 2.11{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}. The S&P 600 closed at 1,302.12 for a gain of 29.85 points or 2.35{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}. The Dow Jones U.S. Small-Cap Growth Index closed at 14,450.43 for a gain of 229.00 points or 1.61{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}. The Dow Jones U.S. Small-Cap Value Index closed at 10,708.89 for a gain of 281.79 points or 2.70{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,512.92 for a gain of 59.62 points or 2.43{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}; the S&P 100 at 1,743.71 for a gain of 29.94 points or 1.75{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}; the Nasdaq 100 at 12,668.51 for a gain of 204.51 points or 1.64{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}; the Russell 3000 at 2,310.97 for a gain of 42.95 points or 1.89{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}; the Russell 1000 at 2,167.79 for a gain of 39.95 points or 1.88{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}; the Wilshire 5000 at 40,351.00 for a gain of 750.64 points or 1.90{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}; and the Dow Jones U.S. Select Dividend Index at 784.98 for a gain of 20.34 points or 2.66{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9}.
Not a Premium Member of GuruFocus? Sign up for a free 7-day trial here.
About the author:
Julie Young
Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie has a Master of Science in finance from Boston College and a Bachelor of Science in finance from the University of Arkansas.
More Stories
Keeping Everyone Safe in the Car While Traveling with Pets
Essential Guide to Septic System Maintenance and Grease Trap Cleaning for Businesses
The Girl with Two Birthdays or My Thoughts on Adoption