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Close Update: Labor Market Data Drives Dow to Record Close on Banking Sector Gains

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Fueled by gains in the financial sector, the Dow Jones Industrial Average closed at a record high for the eighth consecutive day after upbeat labor market data kept the Federal Reserve on track to gradually remove monetary accommodation.

The Dow and S&P 500 closed higher but continued profit-taking in the technology sector left the Nasdaq Composite in the red for a second consecutive week.

U.S. employers added 209,000 new jobs in July, driving the unemployment rate to a 16-year low, and exceeding Wall Street's expectations. Additionally, wages increased by a modest 0.3% while the participation rate improved to 62.9%.

Second quarter corporate earnings were upstaged by the labor market report but there were a few standouts that contributed to the buoyant tone on Wall Street. Shares of Yelp ( YELP ) set a 6-month high after the company's sales jumped 20% beating Wall Street's expectations, while Weight Watchers ( WTW ) traded at its highest level in four years on above consensus profit and sales, and GoPro ( GPRO ) soared on a narrower-than-expected loss.

Here's where the markets stand at the close:

US MARKETS

Dow Jones Industrial Index was up 66.71 points (+0.30%)

S&P 500 was up 4.67 points (+0.19%)

Nasdaq Composite Index was up 11.22 points (+0.18%)

GLOBAL SENTIMENT

FTSE 100 was up 0.49%

Nikkei 225 was down 0.38%

Hang Seng Index was up 0.12%

Shanghai China Composite Index was down 0.33%

UPSIDE MOVERS

(+) YELP (+27.67%) Sales jumped 20%, driving EPS above Wall Street's expectations; selling Eat24 to GrubHub ( GRUB )

(+) WTW (+25.12%) Posted strong subscriber growth

(+) ANET (+19.44%) Reported strong Q2 results, issued upbeat Q3 sales forecast

(+) GPRO (+19.25%) Q2 loss was narrower than expected, issued strong Q3 forecast

DOWNSIDE MOVERS

(-) EFII (-45.34%) Postponing Q2 results due to accounting issued tied to revenue recognition

(-) AAOI (-34.07%) Beat Q2 expectations but issued weak forecast for Q3

(-) NGVC (-33.76%) Reported disappointing Q2 results, sets FY17 EPS guidance below street view

(-) CFMS (-12.38%) Missed Q2 sales estimates, cuts FY sales outlook below street expectations

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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