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(Bloomberg) -- U.S. stocks flirted with an eighth straight weekly advance as Apple Inc. results and strong services sector data added to optimism in the economy.The dollar rose, while Treasuries fluctuated as the latest jobs report did little to alter views on the timing for higher interest rates.
The Nasdaq 100 Index led gains among American equity benchmarks thanks to Apple, while the S&P 500 Index turned higher even as financial shares slumped. The dollar added to gains after the services sector looked robust. The 10-year Treasury yield held near 2.35 percent.
“On balance it was sort of a mixed report,” Phil Orlando, chief equity strategist at Federated, said by phone of the jobs data. “The headline stuff, nonfarms plus revisions were fine, and manufacturing had a nice bounce which was great, but a lot of the internal dynamics, particularly wage growth and hours worked were not as good as we had hoped.”
Elsewhere, carmakers paced the increase in the Stoxx Europe 600 Index as Renault SA jumped after the French government sold part of its stake, offsetting a decline for banks after disappointing earnings from lenders including Societe Generale SA. An index of emerging-market currencies declined the most in a month as the market digests Venezuela’s plan to restructure its debt. Crude added to its highest closing level in more than two years.
The shift of focus to the payroll data follows a drop in Treasury yields Thursday as President Donald Trump confirmed that Federal Reserve Governor Jerome Powell is his pick to chair the central bank. Investors are also weighing the impact of House Republican leaders’ sweeping tax plan, which includes lowering the corporate tax rate to 20 percent from 35 percent.
Meanwhile, President Nicolas Maduro said Venezuela will seek to restructure its global debt after the state oil company makes one more payment. While the risk of contagion is low, an index of emerging-market currencies declined for the first time this week.
Terminal users can read more in our Markets Live blog.
Here are some of the remaining scheduled events this week:
- Trump starts an 11-day trip to Asia, his first as president, on Friday. Trade and security issues -- particularly North Korea -- will probably be in focus.
- Warren Buffett’s Berkshire Hathaway Inc. is among companies announcing results.
- iPhone X debuts in stores.
Here are the main moves in markets:
- The S&P 500 rose 0.1 percent to 2,581.82 at 11:49 a.m. in New York. A close at that level would give the measure an eighth straight weekly gain, the longest run since 2013.
- The Nasdaq 100 Index rose 0.3 percent, while small caps fell.
- The Stoxx Europe 600 Index rose 0.1 percent.Germany’s DAX Index jumped 0.3 percent to the highest on record.
- Spain’s IBEX Index fell 1.3 percent.
- The Bloomberg Dollar Spot Index gained 0.2 percent.
- The euro dipped 0.1 percent to $1.1644.
- The British pound rose 0.2 percent to $1.3088.
- The yield on 10-year Treasuries gained one basis point to 2.35 percent.
- Germany’s 10-year yield decreased less than one basis point to 0.37 percent.
- Britain’s 10-year yield increased one basis point to 1.335 percent.
- West Texas Intermediate crude rose 0.3 percent to $54.71 a barrel, the highest in almost seven months.
- Gold dipped 0.1 percent to $1,274.49 an ounce.
- Australia’s S&P/ASX 200 Index rose 0.5 percent, and South Korea’s Kospi index rose by the same amount.
- Hong Kong’s Hang Seng Index rose 0.3 percent. The Shanghai Composite Index fell 0.3 percent.
- Apple suppliers in Taiwan advanced. Hon Hai Precision Industry Co., the main assembler of Apple devices, rose as much as 1.8 percent; Wistron Corp., another Apple assembler, gained 2.5 percent and Genius Electronic Optical Co. climbed 2.8 percent.
- The Japanese yen climbed less than 0.05 percent to 114.07 per dollar.
--With assistance from Robert Brand
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