By Victor Reklaitis, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks stepped higher Friday
after a solid jobs report, hitting intraday records and staying on
track for weekly gains.
The S&P 500(SPX) advanced 5 points, or 0.3%, to 1,945, as it
hit an intraday record and worked on achieving a record close for
the third straight day. The benchmark is up 1.1% for the week.
The Dow Jones Industrial Average(DJI) rose 44 points, or 0.3%,
to 16,880, leaving the blue-chip index on pace for its second
straight record close and a 1% weekly gain. It also has hit an
intraday record Friday.
The Nasdaq Composite(RIXF) jumped 15 points, or 0.4%, to 4,312.
Tech-heavy index is eyeing a weekly advance of 1.6%.
The U.S. economy added 217,000 jobs in May, and the unemployment
rate held steady at 6.3%, the Labor Department said Friday.
Economists polled by MarketWatch had expected a gain of 210,000,
with the unemployment rate rising to 6.4% from 6.3% in April.
In the wake of Friday's jobs report, investors "seem to believe
that there is no reason to rip up the script," said Andrew
Wilkinson, chief market analyst at Interactive Brokers, in emailed
comments. "Monetary stimulus is likely to remain evident even as
the taper-countdown goes on, which means that bond yields are
likely to remain low thus underpinning the rally in equity prices
to fresh record highs." (Read more: 'Solid report all around' --
May jobs reactions
http://www.marketwatch.com/story/solid-report-all-around-may-jobs-reactions-2014-06-06.)
On Thursday, the S&P 500 and Dow industrials both nabbed
their best gains since May 21, helped by the European Central Bank
announcing a raft of stimulus measures.
Among individual stocks on Friday, Hertz Global Holdings
Inc.(HTZ) dived 11% after the car-rental company said it would have
to restate and correct its results from 2011 through 2013.
Bank of America Corp. (BAC) is drawing attention after The Wall
Street Journal reported that the bank is in talks to pay a fine of
at least $12 billion to settle probes tied to toxic mortgages.
Shares rose 1.2%.
In other markets, European stocks continued to push higher after
the Stoxx Europe 600 closed at the highest level in six years on
Thursday, driven by the ECB's moves. Asian stocks finished largely
mixed on Friday, with the wait for U.S. jobs data keeping a lid on
the action. September gold (GCZ4) edged lower, while July oil
(CLN4) gained ground.
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