Bank rally gives S&P 500 a nudge

The Washington Post Sunday - - MARKETS -

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.

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