Warren Buffett“A public opinion poll is no substitute for thought.”
Adlin Sinclair“Success is a welcomed gift for the uninhibited mind.”
Wall St hits new highs on recovery hopes (Reuters)
NEW YORK (Reuters) –
U.S. stocks rose on Friday after trading in the red most of the day as investors concluded weak December jobs data wouldn't interrupt a trend of steady economic recovery.
climbed to its highest level in 16 months. Friday closed a strong week for U.S. stocks with the S&P 500 climbing all five sessions.
The economy unexpectedly shed 85,000 jobs in December, the
reported, but analysts said this was not inconsistent with a slowly recovering economy as the pace of monthly jobs losses have declined sharply since the height of the recession.
In addition, November's payrolls report was revised to a gain in jobs, bolstering that view.
“I don't think that we should expect that we're going to go up in a straight line,” said Linda Duessel, market strategist at
in Pittsburgh. “Last month of course was revised up. This one will probably get revised at least in a more positive direction.”
The Dow Jones industrial average (.DJI) rose 11.33 points, or 0.11 percent, at 10,618.19. The Standard & Poor's 500 Index (.SPX) climbed 3.29 points, or 0.29 percent, at 1,144.98. The
(.IXIC) added 17.12 points, or 0.74 percent, at 2,317.17.
Analysts polled by Reuters had expected no non-farm job losses in December from the previous month. A weaker report is also supportive of the view that
will keep interest rates low for a prolonged period, which is favorable for stocks.
.N) boosted its fourth-quarter outlook and said it will cut 1,800 jobs. Its shares rose nearly 5 percent and lifted hopes of strong corporate earnings when
.N) kicks off the reporting season on Monday.
The first week of the year got off to a positive start. For the week the Dow rose 1.8 percent, the S&P added 2.7 percent, while the
rose 2 percent.
.N), which rose 2.5 percent to $84.99, and boosted the Dow Jones Transportation average (.DJT) 1.8 percent.
.
on the Nasdaq.
(TEVA.TA) (
.O) gained 4.4 percent to $59.34 a day after the world's largest generic drugmaker set a revenue target for 2015 of $31 billion, more than double its current annual amount.
.O) advanced for a second day after a source said billionaire
.
was up 5.2 percent to $53.81 after a 4.4 percent advance on Thursday.
Also helping the Nasdaq,
started the healthcare services sector with an 'attractive' view. Part of that call included an 'overweight' rating for Express Scripts (
.O), which rose 3.4 percent to $91.65.
Investors will now turn their attention to reports on fourth-quarter earnings, which starts with Alcoa after the bell on Monday.
Since the start of the year, analysts have revised up their earnings estimates for seven out of ten S&P sectors. Healthcare, financials, and consumer staples are the only three sectors to see declines, according to Bespoke Investment Group.
Alcoa's shares rose 2.5 percent to $17.02.
, with slightly less than
shares changing hands, compared with last year's estimated daily average of 2.18 billion. On the Nasdaq, about 2.16 billion shares traded, above last year's daily average of 1.63 billion.
Advancing stocks outnumbered declining ones on the NYSE by a ratio of about 3 to 2, while advancing stocks beat decliners on the Nasdaq by about 7 to 4.