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Banks, jobs data send Wall Street higher

Friday, February 03, 2017 - 01:13

U.S. stocks climbed on Friday, with the S&P 500 closing just short of a record high, boosted by gains in financial shares as President Donald Trump moved ahead with deregulation action and by a strong payrolls report. Bobbi Rebell reports.

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U.S. stocks finished out the week strong, driven by a better-than-expected jobs report. 227,000 new jobs were added, well above the 175,000 estimate. Nick Colas of Convergex: SOUNDBITE: NICHOLAS COLAS, CHIEF MARKET STRATEGIST, CONVERGEX, (ENGLISH) SAYING: "It was a really strong number. Certainly well ahead of expectations. If there is a disappointing side, it is that the wage growth still really isn't climbing the way the Fed wants to see it. It's only two and a half percent. You still have more room to go there, but it gave the markets confidence, because they are not going to move too quickly, but the job growth is still there." The Dow getting back above 20,000 for the first time in four days. For the week, the major U.S. indexes were mostly higher with the Dow giving back just a little ground. Also driving the markets: financials. President Trump signed an executive order to scale back regulations in the industry, known as Dodd-Frank, that were implemented in the wake of the financial crisis. Amazon stock fell a day after the world's largest online retailer forecast a surprise dip in operating profit for the current quarter. Macy's jumped following a takeover approach from Canada's Hudson's Bay. In Europe, shares ended the week higher on positive earnings and U.S. job growth.

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