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U.S. Stocks Jump on Bank Rise; Dollar Slips on Jobs: Market Wrap

  • Jobs report shows hiring increase with little earnings gains
  • S&P 500 closes within 1 point of all-time high, bonds mixed
Bloomberg business news

Japan's 10-Year Yield Surges

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U.S. stocks rose as the Trump administration’s plan to roll back financial regulations sparked a rally in bank shares. The dollar and Treasuries were little changed after a Federal Reserve official’s nod in favor of higher rates countered a jobs report that provided cover for the central bank to maintain its current course.

The S&P 500 Index closed within a point of an all-time high, as lenders jumped almost 2 percent after Donald Trump ordered a review of the Dodd-Frank regulations. The yield on 10-year Treasury notes churned near 2.47 percent, virtually unchanged on the week, after Fed bank of San Francisco President John Williams reiterated that three rate hikes this year is a reasonable guess. Bloomberg’s Dollar Spot Index erased losses on the comments, but couldn’t avoid a sixth weekly slide as the odds for a Fed rate hike in March fell.