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Wall Street Closing
Published in Saudi Press Agency on 06 - 02 - 2021

U.S. stocks rose modestly Friday, with the major indexes posting their strongest week since November, as investors hoped a disappointing U.S. job-creation report would increase the likelihood of additional fiscal stimulus from the government.
For the week, the Dow industrials gained 3.9 percent, while the broader Standard & Poor's 500 and the technology-heavy Nasdaq surged 4.7 and 6 percent, respectively.
In U.S. economic news, employers added a smaller-than-expected 49,000 jobs in January, following a December loss of 227,000 positions, which had been the labor-market's first contraction in eight months; the unemployment rate fell 0.4 percentage point to 6.3 percent. The trade deficit in 2020 surged 17.7 percent to $78.7 billion, a 12-year high, as the pandemic disrupted the flow of goods and services.
The U.S. dollar fell versus a basket of other currencies, but posted a weekly gain. Gold rebounded above the $1,800 psychological level, helped by the dollar's decline and data showing slower-than-expected U.S. job creation, highlighting the need for further stimulus. Futures gained 1.2 percent to $1,813 an ounce on the New York Mercantile Exchange.
Oil hit a new one-year high, supported by economic revival hopes and OPEC+ supply cuts. West Texas Intermediate (WTI) crude futures climbed 1.1 percent to $56.85 a barrel and posted its best week since October.
The Dow Jones industrial average rose 92.38, or 0.3 percent, to 31,148.24. Twenty-one of the index's 30 components advanced, led by athletic apparel maker Nike, which surged 3.2 percent. UnitedHealth and Boeing led decliners, dropping 1.5 and 1.3 percent, respectively.
The S&P 500 index rose 15.09, or 0.4 percent, to 3,886.83. Ten of the index's 11 sectors posted gains.
The Nasdaq composite index rose 78.55 or 0.6 percent, to 13,856.30. Google-parent Alphabet gained 1.7 percent, while Amazon and Facebook each added 0.6 percent. Netflix declined 0.25 percent, and Apple lost 0.3 percent.


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