Investing.com – Stocks moved largely higher on Friday, in part thanks to a decent job report and Federal Reserve Chairman Jerome Powell's continued assurance that the central bank is ready to support the economic expansion.
Rice rose 0.1%, up 0.26%. It slipped into a small loss at the end of the day due to weaknesses in Amazon.com (NASDAQ :), Microsoft (NASDAQ 🙂 and Apple (NASDAQ :).
Plus, White House economic adviser Larry Kudlow suggested that it might take some time to get a trade deal with China. Technical stocks are highly exposed to China. Shares had risen Wednesday and Thursday on news that US and Chinese dealers expect to meet next month in Washington, D.C.
The most important averages ended higher for another week. The S&P 500 was up 1
August showed that wage-level employment grew 130,000 jobs in August, less than expected, and the United States held 3.7%. The employment figure would be lower, except that 25,000 workers were put on the government's salary to prepare for the census in 2020. Wage estimates for June and July were revised lower.
But the report did not suggest that a recession was in the Crimea.
Fed chairman Powell, who spoke in Switzerland, said the economy is healthy and not in danger of falling into a recession. His remarks followed President Trump's usual tweets asking for deep interest rates when the Fed's Federal Open Market Meeting meets Sept. 17-18. It is expected that the central bank will cut its key rate by a quarter of a percentage point – not as much as the president wants.
Telecoms, energy, materials and pins have led the market. Costco Wholesale (NASDAQ :), Home Depot (NYSE 🙂 and Target Corporation (NYSE 🙂 all hit the 52-week high.
Cyber security company Symantec (NASDAQ 🙂 was up 4.5% after the Wall Street Journal reported that two private companies Permira and Advent International had approached the company to take the private for $ 26 to $ 27 per share, and valued the company at around $ 16 billion. Symantec already has an agreement to sell its business operations to Broadcom (NASDAQ 🙂 for $ 10.7 billion, which is close to being closed.
And pharmaceutical company Mallinckrodt (NYSE 🙂 jumped 17.6% after announcing it would pay $ 24 million in cash to settle opioid-related cases in two Ohio counties.
Intel (NASDAQ :), Home Depot and Exxon Mobile (NYSE 🙂 led, with Microsoft (NASDAQ :), Walmart Inc (NYSE 🙂 and American Express (NYSE) 🙂 laggards.
Energy shares moved with crude oil went up 22 cents to $ 56.52 a barrel and ended the week up 2.6%. Crude oil rose 59 cents to $ 61.54, rising almost 3.9% this week. moved lower, with futures in New York at $ 1,515.50 per gram, down $ 10.
Symantec (NASDAQ :), pharmaceutical company Perrigo (NYSE :), Alexion Pharmaceuticals (NASDAQ 🙂 and Tapestry (NYSE :), owner of Coach and Kate Spade businesses, was among the top performers on Friday.
Advanced Micro Devices (NASDAQ :), Monster Beverage (NASDAQ :), electrical tools WEC Energy Group (NYSE 🙂 and oil and gas company TechnipFMC (NYSE 🙂 were among the S&P 500 laggards.