The Dow moved within striking distance of its January 2000 all-time high Friday on an employment report that raised hopes that the Federal Reserve will soon end its two-year rate hike campaign.
The Labor Department reported that the nation added 138,000 jobs in April, well below economists’ expectations of 200,000 new jobs. Wage growth came in higher than expected at 0.5%, but that did not dampen traders’ expectations that next Wednesday’s anticipated rate hike will be the last for a while.
The Dow soared 138 points to close at 11,577, within 150 points of the index’s all-time closing high of 11,722.
The Nasdaq gained 18 to 2342, the S&P 500 rose 13 to 1325. Volume declined to 2.29 billion shares on the NYSE, and 2 billion on the Nasdaq. Advancers led 24-8 on the NYSE, and 19-11 on the Nasdaq. Upside volume was 79% on the NYSE, and 70% on the Nasdaq. New highs-new lows were 375-60 on the NYSE, and 274-34 on the Nasdaq.
fell 5% after an analyst meeting that wasn’t everything investors were hoping for.
surged on their results, while Bookham
, California Micro
fell on their earnings reports.