The S&P 500 Index ($SPX) (SPY) Friday closed up +0.25%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.28%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.92%.
Stocks on Friday settled mixed, with the S&P 500 and Nasdaq 100 posting new record highs. Friday’s US Nov payrolls report supported the broader market as the report boosted expectations for the Fed to cut interest rates later this month to 85% from 70% before the report. Nov nonfarm payrolls rose more than expected, and Oct payrolls were revised upward, but the Nov unemployment rate unexpectedly increased. The mixed payroll report knocked T-note yields lower and supported stocks as the 10-year T-note yield fell to a 1-1/2 month low. Stocks extended their gains after the University of Michigan US Dec consumer sentiment index rose more than expected to an 8-month high.
