Dow, S&P little changed as job growth slows in May

03 June, 2017, 02:09 | Author: Elaine Woods
  • Value Stocks Lag Growth Stocks So Far this Year

USA stocks closed at records for a second straight session on Friday as tepid jobs growth in May highlighted the possibility that the Federal Reserve could raise interest rates just one more time this year rather than the widely expected two.

The Dow Jones Industrial Average ended the week 0.6% higher.

Bond prices rose following the report, sending yields lower.

Discount store chain Dollar General rose 5 percent after it surpassed Wall Street's expectations. The S&P 500 gained 1.67 points, or 0.06 percent, to 2,431.73.

Shares of banks such as Bank of America, JPMorgan, Citigroup and Goldman Sachs fell between 0.6% and 1.3%.

All three main indexes were set to end the week with modest gains, of less than 1%.

The government said Friday that employers added 138,000 jobs in May.

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Economists surveyed by CNNMoney predict the US added 179,00 jobs in May. The number of job gains for April and March were revised lower. The unemployment rate fell to its lowest level since 2001. The chances of a 25-basis-point increase to the federal funds rate when the FOMC meets in June held at 90%, according to CME Group fed funds futures.

"Nonfarm payrolls month-to-month is a very jumpy number and a one-off weakness should not be seen as a beginning of a trend".

The S&P 500 is up 191.23 points, or 8.5 percent. "The U.S. economy is showing other signs of strength as well and the market is still forecasting that the Fed will raise rates later this month".

The yield on the 10-year Treasury note (http://www.marketwatch.com/story/treasury-yields-decline-after-weaker-than-expected-jobs-report-2017-06-02) fell 4 basis points to 2.17% after the jobs report, declining below its 200-day moving average for the first time since October.

Oil majors Exxon (XOM.N) and Chevron (CVX.N) were down about 0.5 percent.

Brent oil tumbled below $50, heading for a second straight week of losses, on worries that President Donald Trump's decision to abandon a climate pact could spark more crude drilling in the United States, worsening a global glut.

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