U.S. market indexes ended the week higher on Friday, with both the S&P 500 and Nasdaq Composite Indexes reaching new highs. For the day, the Dow Jones Industrial Average closed at 18543.53, for a gain of 191.48 points or 1.04%. The S&P 500 was also higher, closing at 2182.87, for a gain of 18.62 points or 0.86%. The Nasdaq Composite closed higher at 5221.12, for a gain of 54.87 points or 1.06%. The VIX Volatility Index was lower at 11.25, for a loss of -1.17 points or -9.42%.
In the Dow Jones Industrial Average, the following companies led gains:
JPMorgan (JPM, Financial) 2.70%
Goldman Sachs (GS, Financial) 2.56%
American Express (AXP, Financial) 2.47%
United Technologies (UTX, Financial) 1.30%
International Business Machines Corp. (IBM, Financial) 1.21%
Microsoft (MSFT, Financial) 0.99%
For the week, the leading indexes all finished higher. The Dow Jones Industrial Average was up 0.57%. The S&P 500 was up 0.40%. The Nasdaq Composite was up 1.12%.
On the economic calendar, consumer credit increased by $12.3 billion. The deficit in international trade expanded to $44.5 billion. The Baker-Hughes Rig Count was also reported, with an increase of four rigs in North America.
On Friday, the Bureau of Labor Statistics released its Employment Situation report for July. The Employment Situation report was the main focus for the day. The Employment Situation report showed an increase in hiring of 255,000 jobs for the month of July. The report beat consensus of 185,000 jobs. The unemployment rate remained unchanged at 4.9%. Average hourly earnings increased 0.3%. Private sector payrolls increased by 217,000, above consensus of 175,000.
The labor market report was the main factor helping stocks to gain for the day. It also provided support for a rate increase in 2016. In a CNBC report Friday, market specialists discussed the day’s jobs report and its market affects.
Disclosure: I do not own any stocks included in this article.
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