How major US stock indexes fared on Thursday

Daniel Fowler
January 13, 2020

Stocks around the world climbed on Thursday, and USA indexes hit records as markets continued a rally sparked after the United States and Iran appeared to step away from the edge of war.

Money flowed into riskier investments, such as technology stocks, and trickled out of assets where investors traditionally hide money when they're nervous, such as gold. But the number was solid enough to cement Wall Street's view that the job market is holding up and can continue allowing households to spend, preserving the largest part of the economy.

President Donald Trump tweeted just prior to the Dow surpassing 29,000, writing that this has never happened before and, preemptively congratulating himself, writing: "The best is yet to come!" It was a sharp turnaround from earlier days, when markets tumbled on the threat of war after the United States killed a top Iranian general in a drone strike. As of writing, the Dow Jones Industrial Average was unchanged on the day a little below the critical 29,000 mark while the S&P 500 and the Nasdaq Composite were adding 0.18% and 0.24%, respectively. Markets see low rates as fuel for markets, and the Fed's three rate cuts a year ago were a big reason for the surge in stocks.

Stocks ended lower Friday, falling back from all-time highs, as traders assessed weaker-than-expected jobs data to end a volatile week full of geopolitical concerns. They also forecast the unemployment rate to hold at its low level of 3.5%.

However, the pace of hiring remained more than enough to keep the longest economic expansion in history on track despite a deepening downturn in the manufacturing sector.

Australia fires: Federer, Serena, Nadal to play Charity match
Alongside support from the league, nine Australian NBA players have agreed to contribute $750,000 towards recovery efforts. They also are giving $700,000 to help with the rebuilding of the tennis facilities impacted by the fires.

On the losing end were shares of several big retailers. Bed Bath & Beyond plunged 19.2% after it posted quarterly results that fell well short of analysts' expectations.

Prices for the 10-Year U.S. Treasury slipped a mite, raising yields to 1.89% from Wednesday's 1.87%. It was the second drop in a row for the metal, following 10 straight days of gains.

The continued job creation in 2019 - on the heels of payroll gains every year since 2010 - would help bolster the Federal Reserve's view that monetary policy doesn't need to be eased further as the US economy is continuing to grow.

Nvidia Corp rose 1.5% after Citigroup added the stock to its "catalyst watch" list. Captrust Financial Advisors now owns 2,091 shares of the exchange traded fund's stock worth $557,000 after buying an additional 1,002 shares during the period. Copper fell 1 cent to $2.81 a pound.

Silver fell 23 cents to $17.86 an ounce.

Other reports by

Discuss This Article

FOLLOW OUR NEWSPAPER