Bank rally gives S&P 500 a nudge
A rally in financial stocks on Friday helped push U.S. equities into positive territory for the week after the S&P 500-stock index spent most of the period fluctuating between gains and losses against the backdrop of a slew of executive orders by President Trump.
The S&P 500 added 0.1 percent to 2297.42 on the week as the Dow Jones industrial average lost 0.1 percent to 20,071.46.
While health-care stocks had the biggest five-day gain with a 2.4 percent advance, it was a 2 percent rally in financial companies that pushed the S&P 500 into positive territory late Friday after Trump signed directives aimed at reducing regulation on banks and examining the Dodd-Frank rule.
Equities also got a lift Friday after Labor Department data showed employers added the most workers in four months, stoking enthusiasm in the economy.
The Federal Reserve will probably “interpret the labor market condition as having moderately more slack near term,” Tim Hopper, chief economist at TIAA Investments, said in a research note Friday. “This gives them room to forestall a rate hike in March.”
The U.S. Treasury will sell $34 billion in three-month bills and $28 billion in sixmonth bills Monday. They yielded 0.51 percent and 0.631 percent in when-issued trading. It will sell $24 billion in three-year notes Tuesday, $23 billion in 10-year notes Wednesday and $15 billion in 30-year bonds Thursday.
Editor’s note: Going forward, our weekly composite stock listing highlights companies based in Washington or with a strong presence here. The rest of the table shows firms as ranked by market capitalization. And we’ve added year-to-date data because readers told us it would be useful.