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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV