Investing.com – U.S. stocks closed at record highs on Friday, shrugging off a jobs report that failed to match expectations while energy stocks came under pressure as oil prices fell more than 1%.
The dip in the pace of U.S. job creation failed to deter traders’ expectations that the Federal would hike its benchmark rate in June – according to investing.com’s fed rate monitor tool nearly 90% of traders expect a rate hike in June compared to about 75% of traders in the previous week.
“We know the Fed is more than happy to look through this kind of thing,” Saxo Bank head FX Strategy John Hardy said on Friday.
On the corporate earnings front, share of Lululemon Athletica Inc (NASDAQ:LULU) closed more than 10% higher, after the popular athletic wear apparel maker announced that it is shutting down 40 of its 50 Ivivva stores, citing years of operational losses.
In other news, crude futures extended losses on Friday, as fears that the U.S could ramp-up production weighed on oil prices amid President Donald Trump's announcement that the U.S. is withdrawing from the 2015 Paris climate agreement.
On the New York Mercantile Exchange crude futures for July delivery fell 70 cents to settle at $47.66 a barrel.
The ‘Bulls and Bears’ on Wall Street
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