Stocks posted their best week since November to close at new record highs. Gains were driven by optimism over the potential for additional government stimulus measures. The S&P 500 surged 4.6% and the Dow jumped 3.9% for the week. Abroad, the FTSE All World Ex US climbed 4.1% for the week. The yield on the 10-year Treasury climbed to 1.17% from 1.11%, ending at its highest level since March.
US employers added 49,000 jobs in January, returning to gains after job losses in December. The unemployment rate fell to 6.3% from 6.7%, partially reflecting fewer people looking for jobs.
Official readings of industrial and services activities in China eased more than expected in January.
US manufacturing continued to expand in January through below expectations and at a slower rate than in December.
ISM’s service sector index grew more than expected in January.
Weekly unemployment claims improved with 779,000 people applying for aid. The third straight week of declining numbers.
Jeff Bezos announced he was stepping down from his CEO role and would move to become executive chairman.
Of the 189 companies in the S&P 500 that have reported earnings to date, 81% have beaten estimates.