Stocks closed at record highs on Friday to end the first trading week of the year as traders weighed the prospects of new fiscal aid as well as disappointing U.S. jobs data.
The Dow Jones Industrials slid recovered 56.84points to 31,097.97.
The S&P 500 strengthened 20.89 points to 3,817.73, to hit a fresh all-time record. Consumer discretionary and real estate stocks led the
S&P 500 higher, with both sectors rising more than 1% each.
The NASDAQ jumped 134.49 points, or 1%, to 13,201.97, adding to its all-time high.
Both the Dow and S&P 500 posted four-day winning streaks.
Coca-Cola rose 2.2% to lead the Dow higher. The consumer discretionary and real estate sectors each rose more than 1%, lifting the S&P 500. The NASDAQ got a boost from Tesla, which popped 7.8%.
For the week, the Dow and S&P 500 each gained more than 1%, while the NASDAQ advanced 2.4%. Those weekly gains come despite the turmoil in Washington, where a riot at the Capitol on Wednesday delayed the procedural congressional confirmation of Biden’s victory.
The U.S. economy lost 140,000 jobs in December, the Labor Department said. Economists polled by Dow Jones expected a gain of 50,000.
The unexpected drop in employment came as the recent surge in COVID-19 cases across the country has forced state and local governments to re-take stricter measures to mitigate the outbreak. More than 21.5 million coronavirus cases have now been confirmed in the U.S., according to data from Johns Hopkins University.
Prices for the 10-Year Treasury faded, raising yields to 1.12% from Thursday’s 1.08%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.88 to $52.71 U.S. a barrel.
Gold prices gave back $67.20 to $1,846.40 U.S. an ounce.