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Tags: apple | wall street | stocks | nasdaq | record | share | price

Dow, Nasdaq, S&P Hit Records as Apple, Jobs Report Lift Outlook

Dow, Nasdaq, S&P Hit Records as Apple, Jobs Report Lift Outlook

Friday, 03 November 2017 04:20 PM EDT

U.S. stocks capped the longest string of weekly gains since 2013 as Apple Inc. results and strong services sector data added to optimism in the economy. The dollar rose, while Treasuries edged higher as the latest jobs report did little to alter views on the timing for higher interest rates.

The S&P 500 Index finished higher for an eighth week as Apple jumped 2.6 percent to a record. The Cboe Volatility Index headed for the lowest close on record. The dollar added to gains after the services sector looked robust. The 10-year Treasury yield slipped to 2.33 percent. Crude topped $55 a barrel on reports Mexico’s state-owned oil company made a major discovery. An index of emerging-market currencies declined the most in a month amid Venezuela’s plan to restructure its debt.

Payrolls data provided a mixed picture of the strength of the labor market, though distortions from the hurricanes in August made it difficult to draw firm conclusions. Based on fed fund futures, the odds for a rate hike in December were unchanged at a high level. Investors are also weighing the impact of House Republican leaders’ sweeping tax plan, which includes lowering the corporate tax rate to 20 percent from 35 percent.

Meanwhile, President Nicolas Maduro said Venezuela will seek to restructure its global debt after the state oil company makes one more payment. While the risk of contagion is low, an index of emerging-market currencies declined for the first time this week.

Terminal users can read more in our Markets Live blog.

Here are some of the remaining scheduled events this week:

Trump left for an 11-day trip to Asia, his first as president, on Friday. Trade and security issues -- particularly North Korea -- will probably be in focus.

Warren Buffett’s Berkshire Hathaway Inc. is among companies announcing results.

iPhone X debuted in stores.

Here are the main moves in markets:


The S&P 500 rose 0.3 percent to a record 2,587.69 at 4 p.m. in New York, to notch a weekly gain of 0.3 percent. It was the eighth straight weekly advance, the longest run since November 2013.

The Dow Jones Industrial Average was little changed, ending the week higher by 0.4 percent at an all-time high.

The Nasdaq 100 Index rose 0.9 percent, capping a weekly gain of 1.3 percent. It closed at a record.

The VIX lost 9 percent to 9.08. A close at that level would be a record low.

The Stoxx Europe 600 Index rose 0.3 percent.


The Bloomberg Dollar Spot Index gained 0.3 percent to erase a loss for the week.

A Bloomberg basket of emerging market currencies fell 0.7 percent.

The euro lost less than 0.1 percent to $1.1610.

The British pound was little changed at $1.3075.


The yield on 10-year Treasuries fell one basis point to 2.33 percent. The rate fell seven basis points in the week.

Germany’s 10-year yield decreased less than one basis point to 0.37 percent.


West Texas Intermediate crude settled at $54.64 a barrel, near a 28-month high. Futures rose for a fourth straight week.

Gold futures fell 0.6 percent to $1,270.50 an ounce. The contract ended a week ago at $1,271.80.


Australia’s S&P/ASX 200 Index rose 0.5 percent, and South Korea’s Kospi index rose by the same amount.

Hong Kong’s Hang Seng Index rose 0.3 percent. The Shanghai Composite Index fell 0.3 percent.

Apple suppliers in Taiwan advanced. Hon Hai Precision Industry Co., the main assembler of Apple devices, rose as much as 1.8 percent; Wistron Corp., another Apple assembler, gained 2.5 percent and Genius Electronic Optical Co. climbed 2.8 percent.

The Japanese yen climbed less than 0.05 percent to 114.07 per dollar.

© 2023 Thomson/Reuters. All rights reserved.

The three major Wall Street indexes came off their session lows in early afternoon trading on Friday as Apple hit a record high on strong demand for its latest iPhone X and an upbeat holiday sales forecast.
apple, wall street, stocks, nasdaq, record, share, price
Friday, 03 November 2017 04:20 PM
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