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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.

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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.

archive

Dow, S&P 500 climb for fifth straight week

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.

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.

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Written By

Paul Dykewicz is the editorial director of the Financial Publications Group at Eagle Publishing Inc., www.eaglepub.com, of Washington, D.C. Eagle publishes five free, e-letters, 10 weekly trading services and five monthly investment newsletters, Forecasts & Strategies, Successful Investing, Cash Machine, Growth & Dividend Report and The Alpha Investor Letter. He also is the editor of Eagle Daily Investor and the author of the inspirational book, "Holy Smokes! Golden Guidance from Notre Dame's Championship Chaplain."

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