Sci-tech

Dow reaches another record on strong jobs report

Dow reaches another record on strong jobs report”

US stocks ended higher on Friday, with the Dow Jones Industrial Average posting its eighth straight record close, as investors cheered on better-than-expected employment data.

Analysts said the latest jobs report meant the Federal Reserve was still on track to raise interest rates later this year, which would be the third increase in 2017.

Because last July's job growth was the second strongest of the year, the 12-month average of job creation actually dropped a bit, which puts this month' s report very nicely into perspective. "That should provide some comfort", said Bodhi Ganguli, lead economist at Dun & Bradstreet Inc in Short Hills, New Jersey.

With banks standing to benefit from higher interest rates, the S&P financial index rose 0.6 percent.

Perceived chances of an interest rate hike by the USA central bank by the end of the year increased to 50 percent from 46 percent after the release of the data, according to CME Group's FedWatch tool. The Dow Jones Industrial Average rose 64 points, or 0.3%, to close at 22,090, adding 1.2% for the week.

The wider S&P 500 index rose 5.83 points to 2,477.99, while the Nasdaq climbed 5.29 points to 6,345.63.

More news: Pakistan cabinet gets first Hindu minister in 20 years — Posturing of inclusion

IG analyst Joshua Mahony said: "Today's USA jobs report represents a key determinant of Fed policy for the fourth quarter, with markets expecting to see rates raised one more time this year".

The S&P 500 materials index rose 0.4 percent, helped by a 0.9-percent rise in Dow Chemical.

The utilities, healthcare and consumer staples indices fell.

On the Dow, hardware and home improvement retailer Home Depot gained 1.3 per cent, while Disney was the Dow's biggest loser, falling 1.3 per cent.

Viacom Inc slumped 13.83 percent after the company forecast a low single-digit dip in sales.

Stratos Wealth Partners LTD. raised its stake in shares of SPDR Dow Jones Industrial Average ETF (NYSE:DIA) by 27.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC).



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