Published: Mon, January 13, 2020
Markets | By Otis Pena

Dow surpasses 29,000 as investors look past weak jobs data

Dow surpasses 29,000 as investors look past weak jobs data

Stocks fell on Friday, reversing from an all-time high of 29,000 at the end of a volatile week full of geopolitical concerns. The Dow Jones Industrial Average is an Index of 30 blue chip United States stocks.

US equities largely brushed off government data that showed U.S.jobs rose by 145,000 in December, compared to expectations of a 164,000 increase, Reuters reports. Traverso Chambers Private Wealth Management LLC raised its holdings in SPDR Dow Jones Industrial Average ETF Trust by 3.3% in the 3rd quarter. The DJIA reached 29,000 for the first time ever on the trading day.

At 10:21 a.m. ET the Dow Jones Industrial Average was up 28.50 points, or 0.10%, at 28,985.40, the S&P 500 was up 6.37 points, or 0.19%, at 3,281.07 and the Nasdaq Composite was up 26.13 points, or 0.28%, at 9,229.56.

Friday's volume on the New York Stock Exchange totaled 2.57 billion shares with 1,342 issues advancing, 255 setting new highs, and 1,605 declining, with 19 setting new lows. Analysts had expected 160,000.

Companies across the S&P 500 have been able to squeeze plenty of profit from each dollar in revenue because wages for their workers aren't rising very quickly, even when the unemployment rate is at a half-century low.

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The average hourly wage rose by 2.9 percent from the same month a year ago, showing a slight slowdown in growth. Gold prices slid 0.5%, and Treasury yields, which move in the opposite direction of prices, rose.

On the data front, America's economy generated fewer jobs than expected as hiring in both manufacturing and services cooled, alongside only modest wage growth. Though some may view the job report as an early harbinger for future cuts, Friday's figures shouldn't get any investors' hopes up, former Federal Reserve staffer Josh Wright said. On Wednesday, President Donald Trump said Iran appeared to be "standing down" after an attack on Iraqi air bases housing US troops.

"The Dow has accumulated 11,000 points in the three years since President Trump was elected", he tweeted.

"Some of the worst-case scenarios have receded and you're seeing that play out through the capital markets, helping to fuel this relief rally, " said William Northey, a senior investment director at U.S. Bank Wealth Management. "But the market isn't going to focus on this", said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.

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