Stocks poised to end week higher
EmptyNEW YORK -- Stocks rose Friday, with all three major Wall Street indexes poised to end the week higher, after rising oil prices lifted energy shares and a stronger-than-expected jobs report indicated strength in the economy.
Growth-dependent technology and industrial shares were among the best performing sectors after non-farm payrolls data for June came in above analysts' expectations and the previous month's figure was revised higher.
The jobs data "supports the Fed's view that growth is improving. If there's anything to fear, it is that the moderation in inflation will prove temporary because the labor market is tightening," said Charles Lieberman, chief investment officer of Advisors Capital Management, LLC in Paramus, New Jersey.
"In the near term, there is very little prospect of a policy change, so there's little standing in the way of the stock market," he added.
The Dow Jones industrial average was up 41.37 points, or 0.30%, at 13,607.21. The Standard & Poor's 500 Index was up 3.83 points, or 0.25%, at 1,529.23. The Nasdaq Composite Index was up 7.57 points, or 0.28%, at 2,664.22.
U.S. employers added a higher-than-expected 132,000 non-farm jobs in June, while hiring figures for April and May were also revised significantly upward, according to a Labor Department report on Friday. The report pushed Treasury debt yields up as it reduced expectations of a cut in benchmark interest rates from the Federal Reserve any time soon.