The Dow Jones Industrial Average closed at 34,777.76 on Friday with a gain of 229.23 points or 0.66%. The S&P 500 closed at 4,232.60 for a gain of 30.98 points or 0.74%. The Nasdaq Composite closed at 13,752.24 for a gain of 119.39 points or 0.88%. The VIX Volatility Index was lower at 16.69 for a loss of 1.70 points or -9.24%.
For the week, the Dow Jones gained 2.6%, the S&P 500 gained 1.2% and the Nasdaq Composite was down -1.5%. So far this year, the S&P 500 is up 12.7%, the Dow Jones is up 13.41% and the Nasdaq has a gain of 6.68%.
Friday's Market Movers
The major U.S. indexes closed higher again Friday with record highs for the Dow Jones and S&P 500. The April jobs report was the day's top headline.
- Non-farm payrolls increased by 266,000 in April, following an increase of 770,000 and missing the estimate of 950,000.
- The unemployment rate increased slightly to 6.1% from 6.0%.
- Private non-farm payrolls increased by 218,000, following an increase of 708,000 and missing the estimate of 850,000.
- Government payrolls increased by 48,000, following an increase of 62,000 and missing the estimate of 100,000.
- Manufacturing payrolls decreased by -18,000, following an increase of 54,000 and missing the estimate of 70,000.
- Average hourly earnings increased 0.7% in April following a decrease of -0.1%. Average hourly earnings increased 0.3% year over year, down from 4.2%.
- Average weekly hours increased to 35 from 34.9.
- The participation rate increased to 61.7% from 61.5%.
A report from the Wall Street Journal suggests that the labor market is facing unique challenges with workers unwilling to face higher Covid-19 exposure for less than a living wage, job openings not matching with the skills of many open workers and potential workers unwilling to cross over into new jobs outside of their focus.
In other news Friday:
- Investors will be watching crypto ahead of Elon Musk's hosting of Saturday Night Live.
- Goldman Sachs (GS) also announced it has created a crypto trading desk.
- Wholesale inventories increased 1.3% in March following an increase of 0.9%.
- The Baker Hughes weekly oil rig count showed an increase of eight rigs in the U.S., an increase of four rigs in Canada, and a decrease of 20 rigs internationally.
- Consumer credit outstanding increased by $25.84 billion in March following an increase of $26.13 billion.
Across the board:
- DraftKings (DKNG, Financial): Revenue of $312 million increased 252.4% year over year and beat estimates by $75.02 million. Q1 GAAP EPS of -$0.36 beat estimates by $0.09. The stock was down -6.69%.
- MoneyGram (MGI, Financial): Revenue of $310.1 million increased 6.6% year over year and beat estimates by $9.82 million. Q1 GAAP EPS of -$0.19 missed estimates by $0.12 and non-GAAP EPS of -$0.06 missed estimates by $0.04. The stock gained 22.78%.
- ZaZa Energy (ZAZA, Financial) 186.67%
- Prism Technologies (PRZM, Financial) 94.08%
- Tilray (TLRY, Financial) 14.44%
- Roku (ROKU, Financial) 11.55%
Small-Cap Stocks
In small-caps, the Russell 2000 closed at 2,271.63 for a gain of 30.21 points or 1.35%. The S&P 600 closed at 1,374.26 for a gain of 12.65 points or 0.93%. The Dow Jones U.S. Small-Cap Growth Index closed at 14,751.50 for a gain of 190.56 points or 1.31%. The Dow Jones U.S. Small-Cap Value Index closed at 11,608.90 for a gain of 123.55 points or 1.08%.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,770.27 for a gain of 30.84 points or 1.13%; the S&P 100 at 1,919.28 for a gain of 11.01 points or 0.58%; the Nasdaq 100 at 13,719.63 for a gain of 105.90 points or 0.78%; the Russell 3000 at 2,523.93 for a gain of 20.57 points or 0.82%; the Russell 1000 at 2,376.85 for a gain of 18.49 points or 0.78%; the Wilshire 5000 at 44,135.97 for a gain of 354.52 points or 0.81%; and the Dow Jones US Select Dividend Index at 875.19 for a gain of 4.03 points or 0.46%.
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