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Stocks Rally, Bonds Fall as Jobs Miss Shrugged Off: Markets Wrap

  • Dow Jones, S&P 500 and Nasdaq indexes climb to all-time highs
  • Crude oil drops from the highest close in more than 3 years
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“Equities is a better risk reward story at this point in the cycle,” says Savita Subramanian of BofAML.Source: Bloomberg
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Equities worldwide extended their stellar start to 2018, with U.S. indexes rising to record highs for a third consecutive day, as the synchronized growth story continues to win over investors.

Treasuries slumped and the dollar was flat after a report showed U.S. payroll gains slowed by more than forecast in December, wages picked up slightly and the jobless rate held at the lowest level since 2000. The S&P 500 Index powered to a fresh record and registered its best week since December 2016 as investors looked past the jobs miss, speculating that Republican tax cuts will lead to higher corporate earnings. The Dow Jones Industrial Average and Nasdaq Composite Index also hit all-time highs.