Dow, S&P 500 climb for fifth straight week

Dow, S&P 500 climb for fifth straight week (Reuters)

U.S. stocks rose today to bounce back from yesterday’s sell-off after an unexpectedly strong payrolls report and the U.S. economy — the world’s largest — showing increased strength. Today’s market climb helped the Dow and S&P 500 notch their fifth straight week of gains. For the full week, the Dow rose 0.9 percent and the S&P 500 index gained 0.5 percent, while the Nasdaq dipped 0.1 percent.

In today’s action, the Dow Jones industrial average rose 167.80 points, or 1.08 percent, to reach 15,761.78. The Standard & Poor’s 500 Index jumped 23.46 points, or 1.34 percent, hitting 1,770.61, while the Nasdaq Composite Index soared 61.90 points, or 1.60 percent, closing at 3,919.23. Financial stocks led the gains on the S&P 500 with a 2.3 percent advance, following a more than 1 percent drop in the sector on Thursday. Bank stocks rose as perceived U.S. economic strengthing due to an improved payroll report today may lead to higher interest rates and help financial institutions.

“Another reason why the market is moving higher is… a lack of alternatives. As much as investors want to take profits, considering how far this market has come, the short-term rates remain low and there is a risk of putting money into fixed income,” said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.

Paul Dykewicz

Paul Dykewicz is the editor of StockInvestor.com and the editorial director of Eagle Financial Publications in Washington, D.C. He writes and edits for the website, as well as edits investment newsletters, time-sensitive trading alerts and other reports published by Eagle. He also is an accomplished, award-winning journalist who has written for Dow Jones, USA Today and other publications, as well as served as business editor of a daily newspaper in Baltimore. In addition, Paul is the author of the inspirational book, "Holy Smokes! Golden Guidance from Notre Dame's Championship Chaplain." He received his MBA in finance from Johns Hopkins University, where he was a two-time president of the school's Finance Club. In addition, Paul has a bachelor's degree from the University of Michigan and a master's degree in journalism from Michigan State University. Outside of work, Paul volunteers with a faith-based organization to assist the poor in Southeast Washington, D.C., to learn personal finance skills to lift themselves out of debt.