Stocks Advance, Dollar Falls After Jobs Report: Markets Wrap

(Bloomberg) -- Stocks rose on speculation the economy is recovering at a pace that won’t make the Federal Reserve imminently take away the liquidity punch bowl that has helped push the market to a record.

The S&P 500 climbed for a seventh straight day -- the longest winning streak since August -- after data showed U.S. job growth surged the most in 10 months, while the unemployment rate edged up to 5.9%. The report bolstered views that the central bank won’t rush to raise interest rates any time soon. Tech shares consolidated their position as this week’s equity-market leaders, while economically sensitive companies underperformed on Friday. The dollar fell, while Treasuries fluctuated.

“Today’s jobs report was overall stronger, but not strong enough to raise inflation and tightening concerns,” wrote Fawad Razaqzada, an analyst at ThinkMarkets. “It keeps the goldilocks scenario intact for stocks, and encourages dollar longs to ease off the gas ahead of the long weekend break.”

Among the corporate highlights, Didi Global Inc.’s U.S.-traded shares slumped after China said it is starting a cybersecurity review of the ride-hailing company. Virgin Galactic Holdings Inc. surged on news that founder Richard Branson will be aboard the next rocket-powered test flight of its SpaceShipTwo Unity.

These are some of the main moves in markets:

Stocks

• The S&P 500 rose 0.3% as of 9:46 a.m. New York time
• The Nasdaq 100 rose 0.7%
• The Dow Jones Industrial Average was little changed
• The Stoxx Europe 600 rose 0.2%
• The MSCI World index rose 0.1%

Currencies

• The Bloomberg Dollar Spot Index fell 0.1%
• The euro fell 0.1% to $1.1834
• The British pound was little changed at $1.3763
• The Japanese yen rose 0.2% to 111.30 per dollar

Bonds

• The yield on 10-year Treasuries declined one basis point to 1.45%
• Germany’s 10-year yield declined two basis points to -0.23%
• Britain’s 10-year yield declined two basis points to 0.71%

Commodities

• West Texas Intermediate crude fell 0.5% to $74.89 a barrel
• Gold futures rose 0.6% to $1,786.80 an ounce

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