Why US stocks are rising: Nasdaq hits record after weaker jobs data cools rate-hike bets; Nike shares drop on forecast
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓US stocks advanced on Friday as the Nasdaq Composite hit a record high following weaker jobs data.
- ✓Todd Schoenberger said, "The lower jobs print, including the revision, is, oddly enough, good news for stocks." While tech shares rose, Nike shares fell 5.6% after the company forecast a sharp annual revenue decline.
Story at a Glance
- Category
- MARKET
- Reported By
- The Economic Times
- Reading Speed
- 4 Minute(s)
- Market Focus
- India Economy
US stocks advanced on Friday, with the Nasdaq Composite hitting a record high, as softer-than-expected jobs data lowered expectations for an imminent Fed rate hike. Falling Treasury yields and oil prices further boosted investor risk appetite.
The Dow Jones Industrial Average rose 306.78 points, or 0.60%, to 51,233.34, the S&P 500 gained 78.31 points, or 1.02%, to 7,744.76 and the Nasdaq Composite gained 447.84 points, or 1.66%, to 27,319.43.
S&P 500 Top Gainers
Synopsys493.41(18.87%)
Accenture205.95(16.16%)
Hewlett Packard68.78(11.83%)
ON Semiconductor84.27(10.95%)
S&P 500 Top Losers
Corteva12.44(-84.03%)
Western Digital398.83(-12.05%)
Seagate Technology Hldgs805.44(-11.82%)
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The Economic Times
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