U.S. Stocks Climb on Payrolls Surge as Trump Targets Dodd-FrankBy
U.S. stocks rose the most in a week after Labor Department data showed U.S. employers in January hired the most workers in four months.
Financial shares rallied on the prospect of looser financial regulations. Banks posted the best day since mod-November as President Trump prepares to sign executive orders on deregulation and an examination of the Dodd-Frank act.
The S&P 500 Index jumped 0.7 percent to 2,297.42 at 4 p.m. in New York after the benchmark was little changed Thursday. The Dow Jones Industrial Average gained 187 points to 20,071.46 for an advance of 0.9 percent.
- Financial stocks led the rest of the market, up 2%; banks up 2.2%
- Ten of 11 sectors traded higher
- Volume of 6.6 billion shares was lowest since Jan. 23
- Consumer discretionary stocks lagged, down 0.1% as Hanesbrands plunged 16% and Chipotle dropped 4.5% decline
- January’s 227,000 increase in payrolls followed a 157,000 rise in December; the median forecast in a Bloomberg survey of economists called for a 180,000 advance
- The jobless rate rose to 4.8%, and average hourly earnings grew 2.5% from January 2016, the weakest since August
- VIX declined 8.1%, reversing yesterday’s gains
- Six members of the S&P 500 reported quarterly results today, including Hershey Co.
- With more than half of the benchmark’s members having released results this season, about three-quarters beat profit estimates and about half beat sales estimates, according to data compiled by Bloomberg
- No after-market earnings Friday
- Pre-market Monday: Newell Brands (NWL), Sysco (SYY), Loews (L), Hasbro (HAS), Tyson Foods (TSN)
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