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Share Name | Share Symbol | Market | Type |
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Sears Holdings Corporation (CE) | USOTC:SHLDQ | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.10 | 0.00 | 01:00:00 |
By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks ended mostly higher on Friday, managing to erase losses that had followed a weaker-than-expected jobs report, with the S&P 500 and the Nasdaq Composite recording their first weekly gains this year.
After a choppy trading session, the S&P 500 index (SPX) gained 4.24 points, or 0.2%, to 1,842.37, leaving it up 0.6% on the week, its first weekly gain this year.
The utilities sector was the top gainer, rising 1.4%.
The Nasdaq Composite (RIXF) gained 18.47 points, or 0.4%, to 4,174.66 and added 1% for the week, its first weekly gain this year.
Bucking the positive trend, the Dow Jones Industrial Average (DJI) closed 7.71 points lower to 16,437.05, shedding 0.2% over the week, posting its second weekly loss in a row this year.
The Labor Department said on Friday that the U.S. economy added just 74,000 jobs in December to mark the smallest increase since the start of 2011, suggesting that the nation entered 2014 with less momentum than other economic indicators had signaled.
The unemployment rate fell to 6.7% from 7.0% to mark the lowest level since October 2008. Yet the decline appeared to occur partly because more people dropped out of the labor force; some 347,000 Americans were no longer looking for work in December.
"When the nonfarm-payrolls report is worse than expected, the S&P 500 and nine out of ten sectors have averaged declines. Sectors that have typically held up the best are utilities, materials, and consumer staples. On the downside, if the jobs report is worse than expected, two sectors to avoid are technology and financials," wrote analysts at Bespoke Group.
* Comment: Chris Millard, investment specialist at J.P. Morgan Private Bank, said that markets initially shrugged off the disappointing jobs figures, judging them to be a blip while seasonal factors played a role. "Markets have parsed through the details now and decided the numbers are really bad even if you factor in bad weather." Speaking about the Federal Reserve's decision to scale back its bond buying, he added: "We don't think this report will have any impact on the Fed; they will still reduce bond purchases at a pace of $10 billion a month and will be done by the end of the year. It will take a lot more meaningful data sets to alter their decision. But ultimately, we do not expect the actual tightening until 2015."
* Movers and shakers: Alcoa Inc. shares dropped 5.4% after the aluminum producer said it swung to a fourth-quarter loss. The firm also said Thursday it had settled charges of corruption in Bahrain with a $384 million payout to the Securities and Exchange Commission and Department of Justice. Abercrombie & Fitch's shares rallied 12% after the firm raised its full-year adjusted earnings projections. Gap Inc. gained 1.1% after saying it expects full-year earnings near the top of its projected range of $2.57 to $2.65. The firm also said same-store sales in December were flat, missing expectations of a 1.5% increase, according to a survey of analysts by Thomson Reuters. Sears Holdings Corp. disappointed the market with plunging same-store sales, sending its shares tumbling 13.8% Friday. The company said it had a 7.4% decline in quarter-to-date holiday-season comparable sales. Five Below Inc. tanked 7.2% after updating its guidance for the three months ended January 4. The retailer said it now expects adjusted per share profit to be between 44 cents and 46 cents. In December, the firm said it expected adjusted profit of 49 cents to 51 cents.
* In other markets: Stocks in Shanghai ended the day lower after data showed Chinese exports grew 4.3% on the year in December, slower than the 4.5% expected by economists. The dollar gave up gains after the employment report, but gold priced rose. Oil prices rebounded, helped by the Chinese import data and the weaker dollar.
More stories from MarketWatch:
U.S. posts smallest jobs gain in three years
Fed still on steady taper course despite weak job growth
Treasurys rally on disappointing jobs data
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