Stocks gain after strong jobs report but snap weekly winning streak
Stocks closed with modest gains after this morning’s strong jobs report reaffirmed strength in the U.S. economy as well as the near certainty of a rate hike at next week’s FOMC meeting.
Some analysts say a March rate increase already has been priced into markets, and investors are now looking ahead to the pace of further increases.
But the S&P 500 and the Nasdaq nevertheless finished lower for the week, both shedding 0.4% to snap their six-week winning streaks, and the Dow also fell for the week (-0.5%) after four straight weeks of gains.
Utilities (+0.8%), industrials (+0.7%), telecom services (+0.7%) and tech (+0.5%) topped the leaderboard, while energy (-0.1%) and real estate (-0.2%) lagged.
U.S. crude oil closed 1.6% lower to settle at $48.49/bbl, the lowest finish since Nov. 29 and capping a 9.1% loss for the week, the worst weekly loss since early November.
U.S. Treasurys saw an uptick in buying interest following the jobs report, with the benchmark 10-year yield closing 3 bps at 2.58%; the U.S. Dollar Index ended solidly lower, losing 0.8%