As the private sector added 168,000 new jobs in December, which is 13,000 more than expected in a Bloomberg poll of economists, it helped the stock market Friday, Jan. 4, according to Clark Yingst, chief market analyst of Joseph Gunnar, a full-service securities and investment banking firm.
Also supporting the stock market was that falling from the fiscal cliff has been put off for another two months, Yingst says. Taking a look at the sectors, nine of the 10 major industries in the Standard & Poor's 500 finished in the black Friday while only one was in the red. Specifically, technology was the only losing sector with a minus 0.72 percent, and Apple Computer/AAPL suffered a 2.79 percent drop.
Among Friday's top four performers are basic materials, financials, energy and industrials with gains ranging between 0.69 percent and 1.26 percent. On average, the gain of these sectors is 1.05 percent, which is more than more than twice the 0.49 percent advance in Standard & Poor's 500.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.