NEW YORK: The S&P 500 and Nasdaq have notched their best weekly gains in more than a year as technology stocks helped lift major indexes to records.
With the New Year’s Day holiday falling on a Monday this year, it was the strongest first four trading days to a year in more than a decade for all three major indices, according to Reuters data. For the Dow, it was the strongest start since 2003 and for the Nasdaq and S&P 500 it was the strongest since 2006.
A US tax overhaul in December that includes hefty corporate tax cuts helped to fuel late-year gains and was the first major legislative victory in President Donald Trump’s pro-growth agenda since he took office a year ago.
The Dow broke above 25,000 for the first time on Thursday, while the S&P closed above 2,700 on Wednesday and the Nasdaq settled above 7,000 earlier in the week.
Weaker-than-expected December US jobs data also could help the Federal Reserve stick to its policy of gradual interest rate hikes in 2018, which would be good for stocks, Baele said.
US job growth slowed amid a decline in retail employment, but a pickup in monthly wages pointed to labour market strength. Non-farm payrolls increased by 148,000 jobs in December, the Labor Department said, compared to market expectations of a 190,000 rise.
The Dow Jones Industrial Average rose 0.88 per cent, to 25,295.87, the S&P 500 gained 0.70 per cent, to 2,743.15 and the Nasdaq Composite added 0.83 per cent, to 7,136.56.
LONDON: European shares on Friday powered to their best week since last April, with the British and Swiss benchmarks hitting records, propelled by optimism about a strengthening regional economy and fresh new highs on Wall Street.
The pan-European STOXX 600 index was up 0.8 per cent, holding at a two-month high, while euro zone blue chips rose 1.1 per cent, also scoring its best performance since April.
Gains were trimmed briefly when US non-farm payrolls missed expectations, but the upward trend resumed quickly.
Germany’s DAX closed up 1.15 per cent to 13,319.64.
Britain’s FTSE 100 jumped to another record, even if its rise, 0.4 per cent, was more modest than its European peers.
Britain’s main stock index still scaled new peaks, lifted by a wave of gains across equities worldwide, while a sharp fall in UK car sales hit some motor dealers and insurance stocks.
The FTSE 100 closed 0.37 per cent higher at 7,724.22 points after hitting a record of 7,727.7 around mid-session, boosted by miners, utilities and consumer staples stocks.
TOKYO: Asian shares inched closer to a record high on Friday as US jobs data pointed to firm economic growth although the greenback was soft as the spectre of benign inflation capped domestic bond yields.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose nearly 0.4 per cent to 585.0, about one per cent shy of its all-time peak of 591.5 hit in November 2007, led by gains in Australia and South Korea.
Japan’s Nikkei rose 0.89 per cent to 23,714.53, a 26-year high.
Hong Kong stocks rose for a ninth straight session, aided by strong gains by real estate firms, and the benchmark Hang Seng Index closed up 0.25 per cent at 30,814.64, a 10-year high.
China’s main Shanghai Composite index closed up 0.18 per cent at 3,391.75 points while its blue-chip CSI300 index ended up 0.24 per cent at 4,138.75.
WELLINGTON: The S&P/NZX 50 Index rose 0.1 per cent, to 8455.55.