LONDON: U.S. stocks closed mixed Friday, but held solid gains for the week after a better-than-expected October jobs report increased confidence in the likelihood of a December rate hike. ( Tweet This )
“I think (the report) does increase the chance the Fed hikes in December but of course there’s one more report before then and other data. I think investors should take this as good news,” said Kate Warne, investment strategist at Edward Jones.
“It’s a combination of, we’ve seen stocks move up in the last five weeks and there’s likely to be some profit taking as people worry if the Fed does start hiking, conditions won’t be as favorable as they have been in the last five years,” Warne said of some of the pressure on equities.
Despite mixed performance Friday, the three major indexes rose nearly 1 percent or more for the week, their sixth-straight week of gains.
That is the longest win streak for the major averages since late last year.
The Dow Jones industrial average closed near session highs, up about 47 points, with Goldman Sachs contributing the most to gains. UnitedHealth was the greatest weight. The index ended the week up 1.4 percent.
The S&P ended the week up 0.95 percent, while the Nasdaq composite gained 1.85 percent for the week.
Utilities ended about 3.6 percent lower, dragging down the S&P 500. Financials led advancers with gains of about 1 percent, after briefly rising more than 1.5 percent.
