NEW (millat+APP/AFP) – US stocks finished the week on a strong
note with both the S&P 500 and Nasdaq closing at new records, bolstered by strong gains by large technology shares.
Wall Street also made its most audacious run yet at the 20,000-point
milestone for the Dow Jones Industrial Average. The blue-chip index got to
within 0.37 of a point at one stage Friday before retreating.
Earlier, European equities finished modestly higher, while the Nikkei
in Japan dipped.
US stocks were mixed in early trading after the closely-watched
employment report showed the US economy added 156,000 jobs in December, slightly below expectations. However, the report also upgraded the job estimate for November and said average hourly earnings rose to $26.00, up 10 cents from the prior month.
After a sluggish start, Wall Street investors found their mojo at
mid-session, vaulting all three indices sharply higher and repeatedly taking
the Dow to within 10 points of 20,000.
The surge appeared to be the result of underlying sentiment rather
than a news trigger. Investors remain upbeat about the US economy in the aftermath of the elections, which raised expectations that President-elect Donald Trump will enact a pro-growth agenda, said Jack Ablin, chief investment officer at BMO Private Bank.
“I think it was just bullish sentiment,” Ablin said.