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S&P 500 extends record run after strong jobs report

English.news.cn   2014-03-08 05:10:37

NEW YORK, March 7 (Xinhua) -- U.S. stocks closed mixed after choppy trading Friday, with the S&P 500 continuing to set record high, as investors weighed a stronger-than-expected U.S. jobs report and uncertainties in Ukraine.

The Dow Jones Industrial Average gained 30.83 points, or 0.19 percent, to 16,452.72. The S&P 500 edged up 1.01 points, or 0.05 percent, to 1,878.04, marginally eclipsing its previous record closing high set Thursday. The Nasdaq Composite Index dropped 15. 90 points, or 0.37 percent, to 4,336.22.

For the week, the tech-heavy Nasdaq logged a five-week winning streak, up 0.7 percent, while the blue-chip Dow and the broader S& P 500 advanced for two weeks in a row, rising 0.8 percent and 1.0 percent, respectively.

The S&P 500 hit a new all-time intraday high of 1.883.57 shortly after the opening bell, as investors were reassured by the positive employment data, believing that the world's largest economy is still strengthening despite recent economic weakness.

Total nonfarm payroll employment added 175,000 in February, better than economists' forecast of 150,000, the U.S. Labor Department said. Moreover, the U.S. unemployment rate in February was little changed at 6.7 percent.

U.S. nonfarm payrolls reports in December and January came in disappointing, largely due to abnormally cold weather.

Digesting the jobs report, the market staged a seesaw trading, as investors adjusted their positions ahead of the weekend and showed some concerns over the simmering crisis in Ukraine.

Among other data, the U.S. trade gap in January came out close to expectations, at 39.1 billion U.S. dollars, as an increase in exports was offset by a slightly higher rise in imports, said the Commerce Department.

Editor: yan
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