Stocks staged a broad-based rally following this morning's stronger than expected U.S. jobs report and an apparent end to a political crisis in Italy, although prospects for a full-blown global trade war limited gains.
The report featured strong job growth, modest wage growth and the lowest U.S. unemployment rate since April 2000 - "The takeaway is the economy is doing nicely. Inflation is exactly where [the Fed] want(s) it to be," says Tony Roth, chief investment officer at Wilmington Trust Investment Advisors.
For the holiday-shortened week, the S&P 500 ended 0.5% higher, the Dow slipped 0.5% and the Nasdaq jumped 1.6%.
Technology (+1.9%) led today's advance, followed closely by the materials (+1.5%), industrials (+1.2%), health care (+1.2%) and financial (+1.1%) sectors; of the 11 S&P sectors, only utilities (-1.5%) and consumer staples (-0.1%) ended with a loss.
The energy sector (+0.5%) remained in the green even though WTI July crude oil prices fell 1.7% to $65.83/bbl in a technically-driven selloff.
Treasury prices fell as stocks rose, with the 10-year yield jumping 8 bps to 2.90% and the two-year note gaining 7 bps to 2.48%.
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