The major averages finished higher Friday. The Dow added 136 points to 25462 while the S&P 500 gained 13 points to 2840. The Nasdaq Composite advanced 9 points to 7812.
The S&P 500 posted its fifth consecutive weekly gain as investors digested updates on trade and the economy. In geopolitics, China proposed retaliatory tariffs on $60 billion of American goods. On the data front, July nonfarm payrolls increased by 157,000, below estimates of 193,000 and June’s upwardly revised 248,000. Average hourly earnings increased by 0.3% month-over-month, slightly above estimates. The unemployment rate declined to 3.9% from the prior month’s 4.0% reading. Separately, ISM showed the service sector expanded by the slowest pace in 11-months during July.
Consumer Staples outperformed as Kraft Heinz surged 8.6% to $64.48. Shares of Dish climbed 14.5% to $34.20 after the company’s profits topped earnings estimates. Meanwhile, Symantec tumbled 7.8% to $19.25 after the software company lowered its forward guidance. The Energy sector was the lone laggard with Noble Energy slumping 7.9% to $32.89 after missing Wall Streets’ earnings estimates.
Breadth was positive on issues by 9:7 on the NYSE and negative on issues by 2:1 on the Nasdaq. Composite NYSE volume was more than 3.9 billion shares.
Treasuries strengthened along the curve with the yield on the 10-year note down three basis points to 2.95%. In commodities, WTI crude lost 0.5% to $68.63/barrel. COMEX gold added 0.2% to $1212.60/ounce amid a weaker dollar.
For the week, the Dow added 0.1%, while the S&P 500 gained 0.8%. The Nasdaq Composite advanced 0.9%.