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Market Update: Dow, S&P 500 Notch Records
The Dow Jones and the S&P 500 closed in record territory on Friday, as better-than-expected monthly payrolls data prompted fresh buying in sectors tied to a reviving economy. The Labor Department’s closely watched employment report showed nonfarm payrolls grew by 943K, the most in eleven months and easily beating market expectation, suggesting the labour market’s recovery is picking up steam. Sentiment across Wall Street was also boosted by strong earnings momentum. Of the 427 companies in the S&P 500 that have reported earnings so far, 88% have beat estimates. Meanwhile, the tech-heavy Nasdaq Composite underperformed its peers, falling almost 100 points to around 14,820. The Dow added 0.3% this week. The S&P and Nasdaq 100 rose 0.5% and 0.6%, respectively. [/s2If]
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