Nice moves in bank stocks on reform expectations Friday, 3 Feb 2017 | 9:38 AM ET | 01:59
U.S. equities rallied on Friday, with financials rising around 2 percent, following a stronger-than-expected employment report.
The Dow Jones industrial average jumped around 180 points — posting its best trading day of the year — with Goldman Sachs contributed the most gains. The S&P 500 rose 0.7 percent, with financials leading advancers. The Nasdaq composite gained 0.5 percent and closed at a record high.
The U.S. economy added 227,000 jobs in January, while the unemployment rate ticked higher to 4.8 percent, the Bureau of Labor Statistics said Friday. Economists polled by Reuters expected payrolls to grow by 175,000 with the unemployment rate holding steady.
"I think the jobs report, although wage growth was not where people wanted to be, was pretty good," said JJ Kinahan, chief market strategist at TD Ameritrade. He also said jobs growth in construction and health care were two positives from the report.