{"id":21348,"date":"2017-02-04T09:39:45","date_gmt":"2017-02-04T09:39:45","guid":{"rendered":"http:\/\/www.biphoo.com\/bipnews\/?p=21348"},"modified":"2017-02-04T09:39:45","modified_gmt":"2017-02-04T09:39:45","slug":"banks-jobs-data-send-wall-street-higher","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/banks-jobs-data-send-wall-street-higher.html","title":{"rendered":"Banks, jobs data send Wall Street higher"},"content":{"rendered":"
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Banks, jobs data send Wall Street higher<\/span><\/strong><\/span><\/h2>\n

Banks, jobs data send Wall Street higher:-<\/strong> U.S. stocks climbed on Friday, with the S&P 500 closing just short of a record high, boosted by gains in financial shares as President Donald Trump moved ahead with deregulation action and by a strong payrolls report.<\/span><\/p>\n

The S&P financial sector .SPSY jumped 2 percent to score its best day since mid-November after Trump signed an executive order to scale back regulations in the industry that were implemented in the wake of the financial crisis, including the Dodd-Frank law.<\/span><\/p>\n

JP Morgan Chase (JPM.N) shares closed up 3.1 percent at $87.18 as the biggest boost to the S&P 500 and helped push the S&P bank index .SPXBK up 2.6 percent.<\/span><\/p>\n

The U.S. public and private sectors created 227,000 jobs last month, according to the Labor Department, far more than the 175,000 economists had expected.<\/span><\/p>\n

The unemployment rate ticked up to 4.8 percent while average hourly wages grew only 0.1 percent, which is likely to keep the Federal Reserve on a gradual path to raise U.S. interest rates.<\/span><\/p>\n

“The key to the payroll number was wage growth; that takes March off the calendar (for a rate hike), that is the notion there,” said Stephen Massocca, Chief Investment Officer, Wedbush Equity Management LLC in San Francisco.<\/span><\/p>\n

The Dodd-Frank think wasn\u2019t unexpected, but it happened and it is clear the direction (Trump) is moving in and that added to it.”<\/span><\/p>\n

The financial sector has rocketed up more than 18 percent since the Nov. 8 election while the bank sector has surged more than 25 percent on expectations Trump would scale back regulations.<\/span><\/p>\n

The Dow Jones Industrial Average .DJI rose 186.55 points, or 0.94 percent, to close at 20,071.46, the S&P 500 .SPX gained 16.57 points, or 0.73 percent, to 2,297.42 and the Nasdaq Composite .IXIC added 30.57 points, or 0.54 percent, to 5,666.77.<\/span><\/p>\n

Friday’s gains helped the indexes recoup most, if not all, of the losses from earlier in the week. The S&P and Nasdaq each gained 0.1 percent while the Dow shed 0.1 percent.<\/span><\/p>\n

Amazon.com (AMZN.O) fell 3.5 percent to $810.20 after the world’s largest online retailer forecast a surprise dip in operating profit for the current quarter. The stock pulled the S&P 500 consumer discretionary .SPLRCD index down 0.1 percent as the only major S&P sector in negative territory for the session.<\/span><\/p>\n

Macy’s (M.N) jumped gained 6.4 percent to $32.69 following a takeover approach from Canada’s Hudson’s Bay (HBC.TO).<\/span><\/p>\n

Advancing issues outnumbered declining ones on the NYSE by a 3.78-to-1 ratio; on Nasdaq, a 2.82-to-1 ratio favored advancers.<\/span><\/p>\n

The S&P 500 posted 27 new 52-week highs and six new lows; the Nasdaq Composite recorded 138 new highs and 25 new lows.<\/span><\/p>\n

About 6.45 billion shares changed hands in U.S. exchanges, compared with the 6.71 billion daily average over the last 20 sessions.<\/span><\/p>\n

Source:-\u00a0http:\/\/www.reuters.com\/article\/us-usa-stocks-idUSKBN15I1KS<\/span><\/div>\n

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