U.S. stocks climbed on Friday to clinch weekly gains for the S&P 500 and Dow Jones Industrial Average following a weaker-than-expected jobs report in April. The S&P 500 SPX, +0.74% rose 0.7% to around 4,232, a closing record. The Dow Jones Industrial Average DJIA, +0.66% climbed 0.9% to end around 34,549, a new all-time high, based on preliminary numbers. The Nasdaq Composite COMP, +0.88% added 0.9% to finish near 13,752. For the week, the S&P rose 1.2%, the Dow gained 2%, and the Nasdaq fell 1.5%. The U.S. economy added 266,000 in jobs, falling short of MarketWatch-polled estimates for a million gains. Investors suggested the bullish response to disappointing economic data reflected hopes that it may push back the timing for tapering the Federal Reserve’s asset purchases and plan for rate hikes, moves that could weigh on the buoyant mood on Wall Street. In company news, shares of Cigna Corp. CI, +1.65% gained 1.6% Friday after the health services company reported first-quarter profit and revenue that rose above expectations.
This article was originally published by Marketwatch.com. Read the original article here.
