S&P 500 Opens Little Changed on Mixed Jobs Report, Heads for Winning Week
Stocks were mostly little changed on Friday as traders digested the latest jobs figures and movements in interest rates.
The S&P 500 was flat at the open. The Dow Jones Industrial average added about 24 points. The Nasdaq Composite was flat.
January’s jobs report released Friday showed a measly 143,000 jobs were added for the month, but traders were concentrating on other parts of the report. The unemployment rate actually fell to 4% from 4.1%, and December’s and November’s jobs figures were revised up significantly. Average hourly earnings for January were also higher than expected, raising inflation fears.
The 10-year Treasury yield jumped above 4.47% in response, weighing on market sentiment a bit.
All three major averages are on track to finish the week with modest gains. The S&P 500 is on pace for a 0.7% advance, while the Nasdaq is tracking for a 0.8% jump during the period. The Dow is lagging, with a week-to-date climb of about 0.5%.
Source : CNBC
