Stocks Extend Winning Streak as Job Market Shows Resilience
The stock market continued its upward trajectory, recording its sixth consecutive weekly gain. This winning streak is the longest seen in four years, highlighting the resilience of the market despite ongoing concerns about a potential recession.
Positive Jobs Report Boosts Market Confidence
The recent gains were fueled by a better-than-expected jobs report, which indicated that the job market is not slowing down as much as anticipated. According to the report, U.S. employers added more jobs than economists had predicted in the previous month. This data helped alleviate fears of an economic downturn and bolstered investor confidence.
Market Performance
On Friday, the S&P 500, Dow Jones Industrial Average, and Nasdaq composite all recorded gains of 0.4 percent. The S&P 500 closed at 4,604.37 points, while the Dow Jones Industrial Average reached 36,247.87 points. The Nasdaq composite ended the day at 14,403.97 points. Smaller companies also experienced positive growth, with the Russell 2000 index rising by 0.7 percent to reach 1,880.82 points.
Weekly and Yearly Performance
For the week, the S&P 500 saw a modest increase of 0.2 percent, while the Dow Jones Industrial Average remained relatively unchanged with a gain of less than 0.1 percent. The Nasdaq composite outperformed with a 0.7 percent increase, and the Russell 2000 index showed the strongest growth, rising by 1 percent.
Looking at the year-to-date performance, the S&P 500 has gained 764.87 points, equivalent to a 19.9 percent increase. The Dow Jones Industrial Average has seen a rise of 3,100.62 points, or 9.4 percent. The Nasdaq composite has surged by an impressive 3,937.49 points, translating to a 37.6 percent increase. The Russell 2000 index has also exhibited positive growth, with a gain of 119.57 points, or 6.8 percent.
It is important to note that the information provided is for general informational purposes only and should not be considered as investment advice. The Epoch Times does not offer financial guidance or recommendations and holds no liability for the accuracy or timeliness of the information provided.
