Led by gains in the financial and industrial sectors, Wall Street's major market averages closed Friday with outsized gains when the February labor market report showed a significant gain in non-farm payrolls but without underlying wage pressures. On the ninth anniversary of the "Haines-Bottom", the Nasdaq set another record high and the Dow gained more than 400 points.
At the end of the week, the Dow was up 3.2% from last Friday's close, the S&P 500 gained 3.5% and the Nasdaq took the lead with a 4.2% gain on the week.
Non-farm payrolls increased by 313,000 last month, the strongest monthly gain since Oct 2015 and well above estimates for a 205,000 gain. Additionally, both December and January were given healthy upward revisions. Stocks took off, however, on the benign 0.1% gain in average hourly earnings, missing expectations for a 0.2% gain.
The upbeat mood was enhanced by easing geopolitical pressures between the US and North Korea and President's Donald Trump's concessions to its allies regarding steel and aluminium tariffs.
The Treasury market reflected the risk-on trade with yields across the curve inching higher and the 10-year note gaining on the 2.90% yield. Gold was marginally higher and the dollar was stronger against the yen but lower against the euro, Canadian dollar and British pound.
Here's where the markets stood at the close:
Dow Jones Industrial Index was up 440.53 points (+1.77%)
S&P 500 was up 47.60 points (+1.74%)
Nasdaq Composite Index was up 132.86 points (+1.79%)
FTSE 100 was up 0.30%
Nikkei 225 was up 0.47%
Hang Seng Index was up 1.11%
Shanghai China Composite Index was up 0.58%
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