Jobs Report Helps US Stocks Cl

The Dow Jones Industrial Average closed at 35,208.51 on Friday with a gain of 144.26 points or 0.41%. The S&P 500 closed at 4,436.52 for a gain of 7.42 points or 0.17%. The Nasdaq Composite closed at 14,835.76 for a loss of 59.36 points or -0.40%. The VIX Volatility Index was lower at 16.15 for a loss of 1.13 points or -6.54%.

For the week, the Nasdaq had a gain of 1.1%, the S&P 500 gained 0.90% and the Dow Jones gained 0.80%. For the year, the S&P 500 has a gain of 16.9%, the Dow Jones has a gain of 13.5% and the Nasdaq has a gain of 13.1%.

Friday’s Market Movers

U.S. stocks gained Friday after a better-than-expected July jobs report. Data from the jobs report showed the following:

  • Non-farm payrolls increased by 943,000 following an increase of 938,000 and beating the estimates of 900,000.
  • Unemployment rate decreased to 5.4% from 5.9%.
  • Private nonfarm payrolls increased by 703,000 following an increase of 769,000 and below the estimate of 770,000.
  • Manufacturing payrolls increased by 27,000 following an increase of 39,000 and inline with the estimate of approximately 25,000.
  • Government payrolls increased by 240,000 following an increase of 169,000 and beating the estimate of 130,000.
  • Average hourly earnings increased 0.4% in July and 4% year over year.
  • Average weekly hours were unchanged at 34.8.
  • Participation rate was basically unchanged at 61.7%.

The S&P 500 and Dow Jones closed at new record highs Friday. Sectors funds leading gains for the day included Amplify Transformational Data Sharing ETF (BLOK, Financial) with a gain of 2.78%, the S&P 500 Financial Select Sector SPDR Fund (XLF, Financial) with a gain of 2.02% and the S&P 500 Materials Select Sector SPDR Fund (XLB, Financial) with a gain of 1.45%. Technology stocks were mostly lower Friday, with the Nasdaq Composite ending a four-day winning streak.

In other news:

  • Wholesale inventories increased 1% in June following an increase of 1.3%.
  • The weekly Baker Hughes oil rig count showed an increase of three rigs in the U.S., an increase of three rigs in Canada, and a decrease of seven rigs internationally.
  • Consumer credit outstanding increased by $37.69 billion in June following an increase of $36.69 billion.
  • JPMorgan announced access to six crypto funds.
  • Berkshire Hathaway (BRK.A, Financial)(BRK.B, Financial) reports earnings on Saturday.

Across the board:

  • Towerstream Corporation (TWER, Financial) gained 19.33%
  • YELP (YELP, Financial) gained 5.24% after reporting better-than-expected profit.
  • The 10-year Treasury ended with a yield of 1.305%.

Small-Cap Stocks

In small-caps, the Russell 2000 closed at 2,247.76 for a gain of 11.75 points or 0.53%. The S&P 600 closed at 1,356.27 for a gain of 15.87 points or 1.18%. The Dow Jones U.S. Small-Cap Growth Index closed at 15,076.06 for a loss of 22.15 points or -0.15%. The Dow Jones U.S. Small-Cap Value Index closed at 11,100.33 for a gain of 132.34 points or 1.21%.

Other Notable Indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 2,717.36 for a gain of 11.19 points or 0.41%; the S&P 100 at 2,031.71 for a gain of 1.30 points or 0.064%; the Nasdaq 100 at 15,109.36 for a loss of 72.28 points or -0.48%; the Russell 3000 at 2,635.33 for a gain of 2.79 points or 0.11%; the Russell 1000 at 2,491.27 for a gain of 1.92 points or 0.077%; the Wilshire 5000 at 46,163.81 for a gain of 60.98 points or 0.13%; and the Dow Jones US Select Dividend Index at 838.36 for a gain of 6.41 points or 0.77%.

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