Markets
MAT

US Stocks Extend Gains After Better-Than-Expected Economic Data, Energy Rally

Market charts plus calculator

US equity benchmarks were extending gains on Friday morning after better-than-expected jobs data and a rally within the energy sector the morning after President Donald Trump moved ahead with a plan to impose tariffs on steel and aluminium imports.

Nine of the 11 key Standard & Poor's 500 Index sectors were higher at the time of writing, lead by energy, technology and financials, up by 1.62%, 1.13% and 1.15%, respectively. Declining sectors were led by telecommunications and utilities, 0.71% and 0.14% lower, respectively.

In economic news, nonfarm payrolls rose by more than expected in the month of February while the unemployment rate remained unchanged at 4.1%. Some 313,000 new roles were created, ahead of analysts' estimates for around 200,000, marking the largest monthly increase seen in more than a year and a half, according to data published by the US Bureau of Labor Statistics.

In equities, Wynn Resorts ( WYNN ) was leading the gainers on the Standard & Poor's 500 Index, up by 5.8% after saying late Thursday that it had concluded a settlement agreement with Universal Entertainment and Aruze USA.

Helmench & Payne ( HP ) was 3.5% higher after brokerage firm Susquehanna upgraded its rating on the stock to positive from neutral. Helmerich & Payne's average rating among analysts is a hold, with an average price target of $57. Oilfield services company TechnipFMC was 3.3% higher and Arthur J Gallagher & Co ( AJG ), an insurance brokerage and risk management services firm, up by 3.1%.

Decliners on the index were led by Mattel ( MAT ), 9.2% lower after Barclays downgraded it to underweight from equal weight with a price target of $16. Mattel's ( MAT ) average rating among analysts is a hold, with an average price target of $19. Energy company Scana ( SCG ) was down by 4.2% and Kimco Realty (KIM), a real estate investment trust, was 3.9% lower. Toy-maker Hasbro (HAS) was down by 3.6%.

The Dow Jones Industrial Average was 0.79% higher, the Standard & Poor's 500 Index was up by 0.83% and the Nasdaq was 0.89% higher at the time of writing.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

In This Story

MAT HP WYNN AJG

Other Topics

Stocks

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More