LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

S&P 500, Nasdaq post best week in more than a year

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Sat, Jan 06, 2018
04:11 am
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

The S&P 500 and Nasdaq notched their best weekly gains in more than a year on Friday as technology stocks helped lift major indexes to records.

With the New Year`s Day holiday falling on a Monday this year, it was the strongest first four trading days to a year in more than a decade for all three major indices, according to Reuters data. For the Dow, it was the strongest start since 2003 and for the Nasdaq and S&P 500 it was the strongest since 2006.

A U.S. tax overhaul last month that includes hefty corporate tax cuts helped to fuel late-year gains and was the first major legislative victory in President Donald Trump`s pro-growth agenda since he took office a year ago.

U.S. stocks this week have been adding to momentum from 2017, driven by a series of strong economic reports from across the globe and expectations for strong fourth-quarter earnings, with all three major indexes hitting milestones in the last few days.

The Dow broke above 25,000 for the first time on Thursday, while the S&P closed above 2,700 on Wednesday and the Nasdaq settled above 7,000 earlier in the week.

"We`re up over 2 percent for the first four days of 2018, so that`s pretty good. Markets are still working to figure out the implications of tax cuts, and that`s provided some of the lift along with already good economic forecasts," said Mike Baele, managing director at U.S. Bank Private Client Wealth Management in Portland, Oregon.

Weaker-than-expected December U.S. jobs data also could help the Federal Reserve stick to its policy of gradual interest rate hikes in 2018, which would be good for stocks, Baele said.

U.S. job growth slowed more than expected in December amid a decline in retail employment, but a pickup in monthly wages pointed to labour market strength. Non-farm payrolls increased by 148,000 jobs last month, the Labour Department said. Economists polled by Reuters had expected a rise of 190,000.

The Dow Jones Industrial Average <.dji> rose 220.74 points, or 0.88 percent, to 25,295.87, the S&P 500 <.spx> gained 19.16 points, or 0.70 percent, to 2,743.15 and the Nasdaq Composite <.ixic> added 58.64 points, or 0.83 percent, to 7,136.56.

The S&P technology index`s <.splrct> 1.2-percent gain led the advancers among the 11 major S&P sectors, with gains in Microsoft , Apple and Google-parent Alphabet boosting the index.

The year`s strong start follows a surprisingly sharp rally in 2017 that ended with the S&P 500 up 19.4 percent on the year.

For the week, the Dow rose 2.3 percent, the S&P 500 gained 2.6 percent and the Nasdaq climbed 3.4 percent. Those were the biggest weekly gains for the S&P and Nasdaq since December of 2016.

Among declining stocks, Francesca`s Holdings tanked 20.7 percent. The women`s apparel and accessories maker said it expected up to 17 percent decline in current-quarter same-store sales.

Advancing issues outnumbered declining ones on the NYSE by a 1.52-to-1 ratio; on Nasdaq, a 1.47-to-1 ratio favored advancers.

About 6.3 billion shares changed hands on U.S. exchanges, the same as the 6.3 billion daily average for the past 20 trading days, according to Thomson Reuters data.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

LIVE: Gujarat Municipal Election Results 2021: BJP wins 803 seats - Check latest news updates, seat details here

Aditya Birla Fashion and Retail share price: Sharekhan maintains Buy rating with a revised price target of Rs 255

Rs 9.37 lakh compensation to kin for son's death in accident

LIVE: Gujarat Taluka Panchayat Elections Results 2021: BJP wins 1036 seats - Check latest news updates, seats details here

Anil Singhvi says markets will continue to remain volatile; closing above 15100 on Nifty will set stage for new highs

Railway Recruitment 2021: Government jobs for 10th pass - Rush and apply for 2532 vacant posts

BPCL Privatisation News Today: Money! Special dividend to shareholders? Check latest stake sale update

Jio Phone prepaid data vouchers priced at just Rs 22 launched | Check all benefits

Realme unveils 108MP sensor for upcoming Realme 8, Realme 8 Pro smartphones | All details here

Foldable iPhone with 8-inch display in works

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved