Stocks surpassed initial gains on Friday after the monthly employment report came out, with US jobs slipping in December as investors continued to head for the prospect of additional financial stimulus.
The S&P 500 stock index advanced 0.4% while the tech-heavy Nasdaq Composite advanced 0.8%. The Dow Jones Industrial Average pulled down 0.1%, or nearly 20 points, from a decline in shares of industrial conglomerate 3M.
All three indices closed on record Thursday as investors focused on greater government spending capacity following a victory in the runoff race in Georgia, which would give Democrats control of the US Senate.
Meanwhile, the growing coronovirus epidemic continues on the economy. The Labor Department report Friday showed 140,000 jobs in the US in December, ending seven months of job growth.
“So far investors are beyond the weakness of this report and other economic data because they believe more fiscal stimulus is coming,” said Michael Aaron, chief investment strategist at State Street Global Advisors. “And as the vaccine is delivered, that will be only temporary and we can push beyond the weakness of this number hopefully in the not too distant future.”