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A businessman is reflected on an electronic stock board outside a securities firm in Tokyo, Japan. Photographer:Yuriko Nakao/Bloomberg

(bloomberg)

(Bloomberg) -- The S&P 500 Index extended its fifth straight weekly gain, the dollar fell and Treasury yields dipped after the latest jobs report showed a steady labor market that supported the Federal Reserve’s outlook for only gradual interest-rate increases.

Major benchmarks closed near their highs of the day as positive earnings surprises lifted U.S. shares, with 3/4 of the S&P 500 companies that reported Friday morning beating analysts’ estimates. Kraft Heinz Co. rallied as deal speculation swirled around the maker of macaroni-and-cheese dinners. Energy companies fell as oil slumped. The dollar broke a three-day winning streak following China’s move to shore up the yuan.

Stocks got a boost late in Friday’s trading session as the White House said officials had held high-level talks with China about trade in the past months and were open to more discussions. Trade maneuvering kept markets on the back foot this week, competing with a mostly positive earnings season and an upbeat assessment of the economy by the Federal Reserve. About two-thirds of the way into the results season, U.S. and European companies have posted double-digit earnings growth, according to JPMorgan strategists.

“At the end of the day, economic fundamentals are solid,” said Brendan Erne, the director of portfolio management at Personal Capital.

Elsewhere, emerging-market stocks and currencies gained. Ten-year Treasury yields held below 3 percent. A rally for banks lifted European equity gauges.

Terminal users can follow our Markets Live blog here.

These are the main moves in markets:

Stocks

  • The S&P 500 rose 0.5 percent at the close in New York. The gauge was up 0.8 percent on the week, and its fifth weekly gain is the longest winning streak since late 2017.
  • The Dow Jones Industrial Average rose 0.5 percent and the Nasdaq 100 Index added 0.3 percent.
  • The Stoxx Europe 600 Index jumped 0.7 percent.
  • The MSCI Emerging Market Index rose 0.7 percent.
  • The MSCI Asia Pacific Index was little changed.

Currencies

  • The Bloomberg Dollar Spot Index fell 0.1 percent.
  • The euro fell 0.1 percent to $1.1573.
  • The British slumped 0.1 percent to $1.3004.
  • The Japanese yen strengthened 0.4 percent to 111.23 per dollar.

Bonds

  • The yield on 10-year Treasuries declined three basis points to 2.95 percent.
  • Germany’s 10-year yield declined five basis points to 0.40 percent.
  • Britain’s 10-year yield declined five basis points to 1.33 percent.

Commodities

  • West Texas Intermediate crude fell 0.4 percent to $68.67 a barrel.
  • Gold rose 0.5 percent to $1,213.44 an ounce.

--With assistance from Christopher Anstey, Yakob Peterseil and Sophie Caronello.

To contact the reporters on this story: Brendan Walsh in Austin at bwalsh8@bloomberg.net;Olivia Schaber in New York at oschaber1@bloomberg.net

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Brendan Walsh

©2018 Bloomberg L.P.

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