(Bloomberg) -- U.S. stocks rose to an all-time high as commodities gains lifted resource producers, while the dollar and Treasuries were little changed amid a robust jobs report and Federal Reserve comments that bolstered optimism in the economy.
The S&P 500 Index broke out of a week-long slumber to notch its first record close since March 1, as energy producers rallied after the selloff in crude eased. The greenback slumped versus major peers, while 10-year Treasury yields held near 2.35 percent. The Euro Stoxx 600 Index advanced ahead of French presidential elections. Gold climbed from a seven-week low.
The latest jobs report bolstered optimism that the economy's slow start to the year was transitory. It did little to alter views that the Fed will tighten at its June meeting, though a slowdown in wage growth clouded the picture for additional hikes. A host of Fed officials made public comments Friday, without calling for deviation from the latest forecasts. In Europe, attention remains on the French presidential election Sunday, with centrist Emmanuel Macron predicted to prevail over his anti-euro rival Marine Le Pen.
“An increase for that June meeting is so locked in at this point, that it would have taken a major miss or blowout to move this market, and this was neither of those,” Matthew Peterson, chief wealth strategist at LPL Financial LLC, said by phone. “The biggest thing is that even though the number of jobs created was better than expected, the Fed is going to be more focused on whether we can get rising wages.”
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Here are key events and data releases due:
- Warren Buffett plans to take more than four dozen questions at his annual investor meeting Saturday, to be live-streamed from Omaha
- Voters in France go to the polls Sunday for the second round of presidential elections.
Here are the main moves in markets:
Stocks
- The S&P 500 rose 0.4 percent to 2,399.24 at 4 p.m. in New York, topping its March 1 record of 2,395.96.
- The index rose just 0.6 percent in the week and hadn't moved more than 0.2 percent in seven straight sessions before Friday.
- The Nasdaq Composite Index also closed at a record, while the Dow Jones Industrial Average ended above 21,000.
- The Stoxx Europe 600 rose 0.7 percent to cap a weekly gain of 1.9 percent.
- The Shanghai Composite Index was down 0.8 percent at 3,103 after earlier dropping below 3,100. The gauge neared its lowest close this year.
Currencies
- The Bloomberg Dollar Spot Index slipped 0.2 percent. For the week, the measure is lower by 0.2 percent.
- The pound was little changed at $1.2929 following a gain of 0.4 percent. Thursday. The yen was steady at 112.49 per dollar.
- The euro advanced for the fourth week to trade within reach of $1.10, as France prepares to elect a president. It rose 0.1 percent to $1.0995.
Commodities
- West Texas Intermediate oil fell 6.3 percent in the week to settle at $46.22 after rising 1.5 percent on Friday. It tumbled to $43.76 earlier, the lowest since Nov. 15 and first foray below $45 since OPEC agreed to cut output that month.
- Iron ore futures were down 6.3 percent after falling 5.3 percent Thursday.
- Gold rose 0.1 percent to $1,229.80 an ounce.
- Copper rose 0.8 percent to settle at $5,585 a ton in London. The metal fell 2.6 percent in the week.
Bonds
- The 10-year U.S. Treasury yield was little changed at 2.35 percent after climbing almost four basis points Thursday. The rate has added seven basis points in the week.
- The yield on 10-year German government bonds climbed two basis points to 0.42 percent.
--With assistance from Stephen Spratt Simon Ballard and V. Ramakrishnan
To contact the reporters on this story: Jeremy Herron in New York at jherron8@bloomberg.net, Dani Burger in New York at dburger7@bloomberg.net.
To contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Jeremy Herron
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