Unscrubbed, Unloved: Dow Hits New High as Growth Concerns Grow

03 June, 2017, 02:12 | Author: Celia Hoffman
  • Value Stocks Lag Growth Stocks So Far this Year

US stock-market indexes hit intraday records in early Friday trade, though gains were limited after a weaker-than-expected May jobs report that undermined confidence in the economy.

The government said Friday that employers added 138,000 jobs in May.

The Standard & Poor's 500 index gained 2 points, or 0.1 percent, to 2,413. The Dow Jones Industrial Average close up 55 points, or 0.3%, to 21,200, adding 0.6% on the week.

The S&P 500 index rose 5 points, or 0.2 percent, to cross above 2,417, as of 10 a.m. Analysts expected about 185,000 jobs to be added in May.

Bond prices rose, sending yields lower.

Economic data helped stocks reach new highs Thursday.

The Nasdaq composite jumped 13 points, or 0.2 percent, to 6,211.

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On Thursday, the price of crude oil rose 0.1% to $48.36 a barrel after data released by the Energy Information Administration showed USA crude-oil inventories fell more than expected for the most recent week.

The more comprehensive jobs report from the USA government arrives on Friday.

A separate report showed that the number of workers filing for unemployment claims rose last week, which could be an indication that layoffs are on the rise.

The Russell 2000 is up 23.14 points, or 1.7 percent. The chances of a 25-basis-point increase to the federal funds rate when the FOMC meets in June held at 90%, according to CME Group fed funds futures.

Shares of Lululemon Athletica Inc.(LULU) shot up 15% in premarket action after the apparel-maker posted first-quarter results that beat expectations (http://www.marketwatch.com/story/lululemon-shares-rally-10-after-company-earnings-ivivva-restructuring-plans-2017-06-01) and announced a shake-up of its Ivivva brand, late Thursday. The euro fell to $1.1225 from $1.1246, and the British pound edged up to $1.2898 from $1.2892.

Benchmark U.S. crude oil rose 4 cents to settle at $48.36 per barrel.

TRUMP AND CLIMATE: President Donald Trump was preparing to announce whether he will pull the United States out of the 195-nation Paris agreement to combat global warming by reducing carbon emissions. On the Nasdaq, 1,620 issues rose and 705 fell.The S&P 500 index showed 28 new 52-week highs and 11 new lows, while the Nasdaq recorded 82 new highs and 70 new lows.

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