(MENAFN– ecpulse)
U.S. stocks edged higher Friday, after a weaker than expected jobs report pushed Treasury yields and the dollar lower and caused investors to scrutinize the outlook for U.S. economic growth and the Federal Reserve stimulus.
The number of jobs outside the farming sector increased by 162,000 in July, although the unemployment rate fell to 7.4 percent, its lowest in over four years. Analysts had expected a gain of 185,000.
The benchmark 10-year U.S. Treasury note, which was in negative territory before the jobs report, gained 28/32 of a point, its yield easing to 2.6017 percent.
Global markets suffered wild swings in May when the Fed indicated it might wind down easy monetary conditions. The Fed risks panicking markets again if it withdraws stimulus before the U.S. economic recovery is well established, the IMF warned in a report.
The Standard & Poor’s 500 Index gained 2.80 points or 0.16% to close at 1709.67 levels. The index reached the highest point at 1709.67 and the lowest point at 1700.68. By closing, 261 shares gained while 234 shares declined and 5 shares remained unchanged.
The Dow Jones Industrial Average index gained 30.34 points or 0.19% to close at 15658.36 levels, the index reached the highest point at 15658.43 and the lowest point at 15558.68. By closing, 18 shares increased while 12 shares declined.
The NASDAQ Composite Index rose by 13.84 points or 0.38% to close at 3689.59 levels, the index reached the highest point at 3689.59 and the lowest point at 3663.88. By closing, 1042 shares advanced while 1219 shares declined and 178 shares remained unchanged.
The Dollar Index, which tracks the performance of the U.S. dollar against a basket of other major currencies, was at 81.98, compared with at 82.44, after hitting a high of 82.54, and a low of 81.39.
Gold closed at $1312.22, after an open at $1308.10, after hitting a high of $1318.35, and a low of $1283.26. Crude oil futures dropped to $106.85, from an opening at $107.74, after having hit a high of $108.74 and a low of $106.45.
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