Dow, S&P 500 climb for fifth straight week
Dow, S&P 500 climb for fifth straight week (Reuters)
U.S. stocks rose today to bounce back from yesterday’s sell-off after an unexpectedly strong payrolls report and the U.S. economy — the world’s largest — showing increased strength. Today’s market climb helped the Dow and S&P 500 notch their fifth straight week of gains. For the full week, the Dow rose 0.9 percent and the S&P 500 index gained 0.5 percent, while the Nasdaq dipped 0.1 percent.
In today’s action, the Dow Jones industrial average rose 167.80 points, or 1.08 percent, to reach 15,761.78. The Standard & Poor’s 500 Index jumped 23.46 points, or 1.34 percent, hitting 1,770.61, while the Nasdaq Composite Index soared 61.90 points, or 1.60 percent, closing at 3,919.23. Financial stocks led the gains on the S&P 500 with a 2.3 percent advance, following a more than 1 percent drop in the sector on Thursday. Bank stocks rose as perceived U.S. economic strengthing due to an improved payroll report today may lead to higher interest rates and help financial institutions.
“Another reason why the market is moving higher is… a lack of alternatives. As much as investors want to take profits, considering how far this market has come, the short-term rates remain low and there is a risk of putting money into fixed income,” said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.