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Wall Street inches up on jobs report

Friday, March 10, 2017 - 01:15

Stocks rose after a strong February jobs report. But as Fred Katayama reports, the S&P 500 snapped its six-week winning streak.

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Stocks inched higher after a strong February jobs report. Utilities and telecom stocks led the charge. But for the week, the S&P 500 broke its six-week winning streak. The 235,000 jobs added in the U.S. was far more than economists had expected, and that paves the way for an interst rate hike in March. Chief investment officer Kevin Kelly of Recon Capital Partners: SOUNDBITE: KEVIN KELLY, CHIEF INVESTMENT OFFICER, RECON CAPITAL PARTNERS, (ENGLISH) SAYING: "That's why you saw stocks come out of the gate really hot. You know, great numbers really reinforce what the Fed's going to do. But then everyone's thinking, oh, what is the Fed going to do? Are they going to do two hikes? Are they going to do three hikes? What can we see coming out of that?" Leading the S&P 500 higher: Abbvie. Goldman Sachs put out an upbeat report on the drugmaker. Southwest Airlines falling. Soft demand for last-ninute bookings pushed the discount carrier to cut its estimate for a key revenue measure. Time Inc. shares rose. The Wall Street Journal reports private equity firm Pamplona Capital Management and a group including the head of Najafi Companies are bidding for the magazine publisher. In Europe, talk of higher rates lifted bank stocks but hurt utilities and export-oriented stocks. The DAX finished lower.

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Wall Street inches up on jobs report

Friday, March 10, 2017 - 01:15