The Dow Jones Industrial Average closed at 27,433.48 on Friday with a gain of 46.50 points or 0.17%. The S&P 500 closed at 3,351.28 for a gain of 2.12 points or 0.06%. The Nasdaq Composite closed at 11,010.98 for a loss of 97.09 points or -0.87%. The VIX Volatility Index was lower at 22.21 for a loss of 0.44 points or -1.94%.
For the week, the Dow Jones gained 2.9%, the S&P 500 gained 1.7% and the Nasdaq gained 1%. For the year, the Nasdaq has a gain of 23.8%, the S&P 500 has a gain of 3.73% and the Dow Jones is down -4.03%.
Friday's Market Movers
Large cap indexes closed mostly higher, helping to support a six-day market rally. The Nasdaq was lower but reported a 23.8% gain for the year.
The Commerce Department released its July jobs report, which showed the following results:
- Non-farm payrolls increased by 1.763 million in July, beating the estimate of 1.620 million
- The unemployment rate fell to 10.2% from 11.1%, beating the estimate of 10.5%
- Private non-farm payrolls increased by 1.462 million, down from the previous 4.737 million and missing the estimate of 1.550 million
- Average hourly earnings increased by 0.2% in July and 4.8% year over year
- Average weekly hours were basically unchanged at 34.5
- Government payrolls increased by 301,000 following an increase of 54,000 and beating the estimate of 70,000
- The participation rate was basically unchanged at 61.4%
- Manufacturing payrolls increased by 26,000, following an increase of 357,000 and missing the estimate of 280,000
Also on the economic calendar Friday:
- Wholesale inventories decreased -1.4% in June following a decrease of -1.2%
- The Baker Hughes North American oil rig count decreased to 294 from 296
- Consumer credit outstanding increased by $8.95 billion in June following a decrease of -$18.28 billion
Stock highlights for the day included:
- Icahn Enterprises (IEP, Financial): Revenue of $2.71 billion increased 23.2% year over year and beat estimates by $10 million. Q2 GAAP earnings per share of $1.36 beat estimates by $1.81.
- Pfizer (PFE, Financial) says it will manufacture Gilead's (GILD) Covid-19 drug Remdesivir.
Across sectors, financials and utilities led gains and technology and semiconductors led losses. In the S&P 100, the following stocks led gains:
- Biogen (BIIB, Financial) 10.1%
- United Parcel Service (UPS, Financial) 7.86%
- FedEx (FDX, Financial) 6.55%
- Bank of New York Mellon (BK, Financial) 4.89%
- MetLife (MET, Financial) 4.71%
- American International Group (AIG, Financial) 4.57%
- Capital One (COF, Financial) 3.62%
Small-Cap Stocks
In small-caps, the Russell 2000 closed at 1,569.18 for a gain of 24.56 points or 1.59%. The S&P 600 closed at 911.67 for a gain of 15.67 points or 1.75%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,956.92 for a gain of 51.91 points or 0.48%. The Dow Jones U.S. Small-Cap Value Index closed at 7,349.44 for a gain of 203.89 points or 2.85%.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,938.53 for a gain of 23.43 points or 1.22%; the S&P 100 at 1,547.90 for a loss of 3.31 points or -0.21%; the Nasdaq 100 at 11,139.39 for a loss of 127.70 points or -1.13%; the Russell 3000 at 1,959.48 for a gain of 1.45 points or 0.074%; the Russell 1000 at 1,859.49 for a loss of 0.33 points or -0.018%; the Wilshire 5000 at 34,247.66 for a gain of 27.96 points or 0.082%; and the Dow Jones US Select Dividend Index at 607.20 for a gain of 9.75 points or 1.63%.
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