The Nasdaq 100 closed at a record on Friday as a weak September jobs report eased concern about a near-term Federal Reserve move. The S&P 500 and Dow Industrial Average gained on the day but still finished the week lower, while the Nasdaq indices ended the week in positive territory.
US stocks closed higher on Friday, and the Nasdaq 100 finished at a record. The Nasdaq Composite led the major indices with a gain of 1.19%, touching an intraday all-time high before closing back below that level. The S&P 500 also moved higher but remains about 1% off its all-time high close.
A weak jobs report shifts the focus
Nonfarm payrolls rose just 29,000, below the 90,000 expected, easing concern about another near-term Federal Reserve rate hike. Traders focused on the potential for less additional tightening, even as the slower hiring pace raised questions about growth.
Friday's closing numbers
The major indices closed as follows:
- Dow Industrial Average: up 250.00 points, or 0.49%, at 51,182.11
- S&P 500: up 56.25 points, or 0.73%, at 7,722.71
- Nasdaq Composite: up 319.27 points, or 1.19%, at 27,190.86
- Nasdaq 100: up 306.37 points, or 1.00%, at a record closing level of 30,807.93
The week told a different story
Friday's gains repaired some of the damage from earlier in the week, but the Dow's weekly decline of 1.26% was the largest among the five indices. The S&P 500 and Russell 2000 came closer to erasing their weekly losses yet neither crossed into positive territory.
The Nasdaq indices did. Nvidia traded to a new all-time intraday high, adding to the technology story as the Nasdaq 100 extended its leadership. Friday's advance was broad across the major indices, but the weekly performance continued to favor technology.
A record close is a bullish development, but traders still need to see follow-through. The ability to break above a level and stay above it separates a lasting move from a failed attempt.
Source: investingLive
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