Economics
S&P 500 Posts Fifth Weekly Gain as Dollar Weakens: Markets Wrap
- Positive earnings surprises driving advance in equities
- Treasury yields fall as jobs report backs gradual rate hikes
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The S&P 500 Index extended its fifth straight weekly gain, the dollar fell and Treasury yields dipped after the latest jobs report showed a steady labor market that supported the Federal Reserve’s outlook for only gradual interest-rate increases.
Major benchmarks closed near their highs of the day as positive earnings surprises lifted U.S. shares, with 3/4 of the S&P 500 companies that reported Friday morning beating analysts’ estimates. Kraft Heinz Co. rallied as deal speculation swirled around the maker of macaroni-and-cheese dinners. Energy companies fell as oil slumped. The dollar broke a three-day winning streak following China’s move to shore up the yuan.