US Stocks advanced on choppy trading at the end of an Easter-shortened week as investors assessed economic data, set up for payrolls report and weighed news of the framework deal between Iran and the worlds powers.
The Dow Jones Industrial Average closed up 65 points or 0.7% to 17,763.24 following reports that Iran and the global powers had reached an accord on the framework of Iran’s nuclear deal.
The blue chip had advanced higher in morning trading on a weaker dollar and economic data showing that factory orders in February had beat expectations of a second straight month of declines to grow by 0.2%.
The S&P 500 index advanced 7.25 points or 0.4% at the close of trading to 2,066.96 on a relatively quiet trading session. Nine of the benchmark index’s ten sectors recorded gains with only technology in the red.
The Nasdaq Composite inched up 6 points or 0.1% 4886.94 points in a week that saw the technology-heavy index cap its ninth straight quarterly loss.
The labor market is expecting March’s non-farm payrolls report, though the market will be closed for Good Friday. Analysts polled by the Wall Street Journal expect a growth by 240,000 to cap a 13th month of growth above 200,000 jobs.
Analysts expect the jobless rate to remain constant at 5.5%
“When you’ve got data coming when there’s not normal trading activity, which happens periodically, what you see is you see a lot of people cast their bets earlier in the week,” said U.S. Bank Wealth Management regional investment strategist David Heidel told Bloomberg.
“People will come back next week and decide if they were right or wrong but the main impact is it’s probably pushing forward some of the trades that would have been done later in the week.”
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