Wall Street Up After Payrolls But Headed for Second Down Week

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Wall Street Up After Payrolls but Headed for Second Down Week

On Friday, US stocks climbed higher after the jobs report of September came in ahead of the expectations and major indexes headed for the second week of declines.

The gains of the day were broad, with nine out of the 10 sectors of the S&P 500 rising, led by financial and health names. Utilities, SPLRCU, were the only declining sector, dropping 0.3%.

According to Reuters, the pay-roll reported indicated an increase of 248,000 jobs during the month, which are significantly higher than the 215,000 jobs that were expected. The number form August was revised up from 142,000 to 180,000.

Lately, equities have become volatile with the recent trading being driven by the diagnosis of an Ebola patient in the US. Intraday swings have been experienced by the major indexes. The S&P 500 has seen daily point moves that are more than the average this week.

MV Financial head of investment strategy and research, Katrina Lamb said, “We’re looking at a pretty sound fundamental picture, which has us tilted toward the upside, but that doesn’t preclude any sharp pullback.”

As reported by Bloomberg, the S&P 500 gained 0.5% to 1,956.05 in New York. This week, the benchmark gauge dropped 1.3%.

Meridian Equity Partners senior managing partner, Jonathan Corpina said, “This is considered good news in the market today because it’s been validated by a lot of economic data coming out supporting job growth and economic growth. I don’t think this changes the Fed’s plans at all.”

The Dow Jones Industrial Average rose 0.54% or 91.46 points to 16,892.51 while the Nasdaq Composite Index gained 0.54% or 24.00 points to 4,454.20.

For the week, the Dow is lower 1.3% and the Nasdaq is lower 1.4%.

The Nasdaq Composite Index was recording 13 new lows and 12 new highs while the benchmark S&P 500 was recording 2 new lows and 6 new highs.
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