S&P Edges Up, Puts Wraps on a Strong Week

Dow also rises more than 100 points on Friday
By Newser Editors and Wire Services
Posted Sep 1, 2023 3:30 PM CDT
S&P Edges Up, Puts Wraps on a Strong Week
Traders work on the floor at the New York Stock Exchange on July 26, 2023.   (AP Photo/Seth Wenig, File)

Stocks had a relatively quiet day on Wall Street Friday as investors weighed the implications of a new government report showing that US job growth increased at a healthy but more moderate pace last month.

  • The Dow rose 115 points, or 0.3%, to 34,837.
  • The S&P rose 8 points, or 0.1%, to 4,515.
  • The Nasdaq fell 3 points, or 0.02%, to 14,031.
  • All three indexes rose for the week, with the Nasdaq leading the way at around 3%, followed by the S&P (2%) and the Dow (1%), per CNBC.

"From a data-dependent Fed perspective, the economic data we have seen in August in conjunction with today's jobs report certainly reinforces the idea that we have seen the last rate hike during this cycle," said Charlie Ripley, senior investment strategist for Allianz Investment Management, per the AP. Banks and financial services stocks accounted for a big share of the gains among S&P 500 companies Friday. Charles Schwab rose 2.3% and US Bancorp added 1.5%. Rising oil prices helped push energy stocks higher: Exxon Mobil rose 2.1%, and Chevron was up 2%.

Communications stocks were among the market's laggards. Disney dropped 2.4% after the entertainment giant pulled its programming, including ESPN, from Charter Communication's Spectrum TV after the companies failed to come to terms on a new distribution deal. Charter was down 3.2%. Elsewhere in the market, traders had their eye on the latest batch of company earnings reports. Broadcom reported third-quarter earnings and revenue growth, but its shares fell 5.2% amid worries over slowing momentum in its storage and broadband businesses. Dell jumped 22.5% after its fiscal second-quarter earnings and revenue topped Wall Street estimates. Nutanix gained 12.7% after reporting better-than-expected results.

(More stock market stories.)

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