MDB - Stocks Little Changed but Head for Weekly Gains
Stocks were little changed Friday as traders weighed the latest U.S. jobs report to conclude a winning week.
The Dow Jones Industrials maintained gains of 31.12 points to move into Friday afternoon at 34,753.03.
The S&P 500 index sank 1.05 points to 4,506.61.
The NASDAQ index dropped 33.55 points to 14,001.42.
The major averages were up sharply earlier in the day. The Dow briefly traded more than 250 points higher, while the S&P 500 and Nasdaq climbed 0.8% each before easing.
The S&P 500 gained 2% and the Dow was up 1%, for the week. That puts them on track for their biggest weekly advance since July. The NASDAQ is up nearly 3% week to date, also on pace for its best one-week performance since July.
Investors also pored over fresh earnings reports. Database software maker MongoDB hiked 5% and Dell Technologies advanced 22%, on the back of stronger-than-expected earnings reports. Shares of athletic apparel retailer Lululemon Athletica added 5% after crushing Wall Street's estimates.
The latest U.S. non-farm payrolls report showed the unemployment rate ticked higher to 3.8% in August, reaching its highest level in more than a year. Economists had expected it to remain at 3.5%.
In another sign of a slowing economy and easing pricing pressures, average hourly earnings increased 4.29% on a year-over-year basis, less than the 4.4% increase expected by economists polled by Dow Jones.
August payrolls grew at a faster-than-expected pace, with 187,000 being added. However, job numbers first reported for June and July were revised down by a combined 110,000.
Investors also pored over fresh earnings reports. Database software maker MongoDB tallied 7% and Dell Technologies advanced 19%, on the back of stronger-than-expected earnings reports. Shares of athletic apparel retailer Lululemon Athletica added 1.9% after crushing Wall Street's estimates.
Prices for the 10-year Treasury sagged, raising yields to 4.19% from Thursday's 4.10%. Treasury prices and yields move in opposite directions.
Oil prices climbed $1.50 to $85.13 U.S. a barrel.
Gold prices slid $1.80 to $1,964.10 U.S. an ounce.
Stocks Little Changed, but Head for Weekly Gains