The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
US stocks rose the most in a week after Labor Department data showed US employers in January hired the most workers in four months.
Financial shares rallied on the prospect of looser financial regulations. Banks posted the best day since mod-November as President Trump prepares to sign executive orders on deregulation and an examination of the Dodd-Frank act.
The S&P 500 Index jumped 0.7 percent to 2,297.42 at 4 p.m. in New York after the benchmark was little changed Thursday. The Dow Jones Industrial Average gained 187 points to 20,071.46 for an advance of 0.9 percent.
Financial stocks led the rest of the market, up 2%; banks up 2.2% Ten of 11 sectors traded higher Volume of 6.6 billion shares was lowest since Jan. 23 Consumer discretionary stocks lagged, down 0.1% as Hanesbrands plunged 16% and Chipotle dropped 4.5% decline Hudson’s Bay was said to make a takeover approach to Macy’s, Dow Jones reported, which led to spikes in department stores and apparel stocks January’s 227,000 increase in payrolls followed a 157,000 rise in December; the median forecast in a Bloomberg survey of economists called for a 180,000 advanceThe jobless rate rose to 4.8%, and average hourly earnings grew 2.5% from January 2016, the weakest since August VIX declined 8.1%, reversing yesterday’s gains Six members of the S&P 500 reported quarterly results on Sunday, including Hershey Co.