US stocks end week higher
NEW YORK, USA — THE stock market is closing slightly higher after erasing an early loss.
The Dow Jones industrial average rose 30 points, or 0.2 per cent, to close at 15,658 Friday. It had been down as much as 69.
The Standard & Poor’s 500 rose three points, or 0.2 per cent , to 1,709. The Nasdaq rose 13, or 0.4 per cent, to 3,689.
The Dow closed out its sixth straight weekly gain.
A government report that hiring slowed last month stalled the market in early trading Friday, but indexes recovered throughout the day.
The government reported that 162,000 jobs were created in July, fewer than economists expected and the least since March.
The number of jobs added was the lowest since March and well below the 183,000 economists polled by FactSet were expecting.
Brad Sorensen, Charles Schwab’s director of market and sector research, said the jobs report was “moderately disappointing”.
“That tepid growth we’ve seen, (the economy) not being able to reach escape velocity, continues to be the story,” Sorenson said.
Investors have been watching economic reports closely and trying to anticipate when the Federal Reserve will start easing back on its economic stimulus. The central bank is buying US$85 billion in bonds every month to keep long-term interest rates low and encourage borrowing.