U.S. Stocks Gain as Dow Nears 20,000 With Tech, Industrial Rallyby
U.S. stocks advanced, reversing an earlier decline as the Dow Jones Industrial Average flirted with 20,000 for nearly four hours. Equities also got a boost from government data showing that wages in December increased the most since 2009.
The S&P 500 Index added 0.4 percent to 2,276.98 as of 4 p.m. in New York, extending its weekly gain to 1.7 percent. The Dow Jones Industrial Average jumped 0.3 percent to 19,963.80 as Nike Inc. and Goldman Sachs Group Inc. both added at least 1.5 percent.
- Nasdaq Composite and Nasdaq 100 indexes advanced at least 0.6%, with both closing at all-time highs
- Tech shares led S&P gains, up 1%, with the FANG block extending weekly gains
- Phone stocks down 2.7% for the third straight loss
- Labor data showed a solid year in 2016
- 156,000 increase in December payrolls followed a 204,000 rise in November that was bigger than previously estimated; median forecast in a Bloomberg survey of economists called for a 175,000 advance
- Jobless rate ticked up to 4.7% as the labor force grew; wages rose 2.9% from December 2015
- The S&P 500 closed little changed on Thursday, outperforming the Dow Jones Industrial Average, which fell 0.2% to move further away from the elusive 20,000 level
- All industry groups of the S&P 500 have advanced in 2017, with health-care and real estate firms outperforming energy producers and utilities
- None after market
- Pre-market Monday: Commerical Metals (CMC), Global Payments (GPN), Acuity Brands (AYI)
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