Stocks Up a Bit on Wild Day
NEW YORK (TheStreet) -- Stocks closed modestly higher on Friday, though only after the Dow retreated from triple-digit gains, as jobs data bolstered the U.S. dollar and raised questions about whether interest rates will rise.
The Dow closed up by 23 points, or 0.2%, to 10,389, after rising as much as 151 points earlier in the session. The S&P 500 added 6 points, or 0.6%, to 1106, while the Nasdaq rose by 21 points, or 1%, to 2194.
The day's moderate uptick also helped each of the major indices end the week on an up note, with the Dow, S&P 500 and Nasdaq ending higher by 0.8%, 1.3% and 2.6% respectively since last Friday's close, respectively.
Commodities lagged on the day as an revitalized greenback erased gains, dragging related equities down with them.Oil futures prices fell after the January contract rose as high as $77.90 earlier, later settling lower by 99 cents at $75.47 a barrel. The NYSE Arca Oil Index slipped by 0.5% on the day. Exxon Mobil (XOM) shed 74 cents, or 1%, to $74.25, while Hess (HES) lost 3.6% at $57.10. Gold prices also suffered as the dollar strengthened, with the February contract plunging $48.80, to settle at $1,169.50 an ounce. The Philadelphia Gold and Silver Index declined by 5.5%. The markets rallied earlier in the day after a government report showed that a mere 11,000 jobs were shed in November, bettering estimates of 125,000 jobs lost anticipated by economists. But stocks reversed by midday and tracked above and below the flatline throughout the afternoon session.
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