U.S. Stocks Advance as Focus Turns to Economic Data, Fed Hikes
(Bloomberg) -- U.S. stocks climbed as investors' focus shifted to the U.S. jobs report Friday, which they will parse for clues on the state of the world's largest economy and how it may affect the trajectory of interest rates.
The S&P 500 Index climbed 0.3 percent higher to 2,418 at 9:50 a.m. in New York. The Dow Jones Industrial Average was little changed, up 19 points. The S&P 500 closed 0.1 percent lower yesterday.
- Russell 2000 index up 0.6%
- Materials shares leading in early trading, up 0.7%; Bloomberg commodity index down 0.2%
- Health-care stocks advance for eighth time in 10 sessions, up 0.6%
- Real estate, utility and staples stocks little changed
- 10-year Treasury up 3bps
- Volume in S&P 500 down 3% from 30-day average after surge Wednesday
- VIX down to 10.3
- POLITICS:
- President Donald Trump is poised to announce plans to withdraw the U.S. from the landmark Paris climate accord on Thursday, injecting uncertainty into the worldwide effort to combat climate change
- President Trump follows his three predecessors in signing a waiver that would keep the U.S. embassy in Tel Aviv for at least six more months, according to two White House officials
- ECONOMY:
- San Francisco Fed President John Williams said in Seoul that if the U.S. economy strengthens, the central bank can raise interest rates four times in 2017
- EARNINGS:
- After-market Thursday: Broadcom Ltd (AVGO), Cooper Cos (COO)
- Pre-market Friday: none
- My Smart Beta ETF Premised on Cats Rang Up an 849,751% Return
- Biggest Apple-Amazon-Google Bulls Are Funds That Once Hated Risk
Related equity market news:
To contact the reporter on this story: Oliver Renick in New York at orenick2@bloomberg.net.
To contact the editors responsible for this story: Chris Nagi at chrisnagi@bloomberg.net, Sebastian Silva
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