RDM Financial Group CIO Michael Sheldon points to economic gains and says technology are smart stocks to add to your portfolio.
The Dow Jones Industrial Average was threatening to break 29,000 for the first time despite the December jobs report falling short of expectations. All three of the major averages opened in record territory.
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The U.S. economy added 145,000 nonfarm jobs in December, the Labor Department said on Friday, missing the addition of 164,000 that was expected. The unemployment rate held at 3.5 percent.
“The number was a touch lighter than expectations but showed solid payrolls and wage growth, which should be enough to keep the consumer spending and the economy muddling along,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 3277.55 | +2.85 | +0.09% |
| I:DJI | DOW JONES AVERAGES | 28962.99 | +6.09 | +0.02% |
| I:COMP | NASDAQ COMPOSITE INDEX | 9214.9164 | +11.49 | +0.12% |
Boeing shares were lower after the release of internal messages showed employees discussed misleading regulators about flight simulator problems with the 737 Max aircraft.
TESLA POWERING UP TO DOMINATE CHINA
GrubHub was under pressure after denying it is looking to sell itself. Shares gained more than 13 percent over the previous two sessions after The Wall Street Journal reported the company hired advisers to look into its strategic alternatives.
Meanwhile, Eli Lily announced a deal to buy skin disease specialist Dermira for $1.1 billion, or $18.75 a share.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | BOEING COMPANY | 337.41 | +1.07 | +0.32% |
| GRUB | GRUBHUB INC | 52.85 | -2.88 | -5.17% |
| LLY | ELI LILLY & COMPANY | 136.04 | +0.12 | +0.09% |
| DERM | DERMIRA INC. | 19.05 | +0.71 | +3.90% |
On the earnings front, Synnex gained after reporting fourth-quarter results that topped estimates and guiding first-quarter earnings above Wall Street forecasts. The technology supply chain service provider also announced it would split into two publicly listed companies – Synnex Technology Solutions and customer experience provider Concentrix.
Elsewhere, KB Home fell after fourth-quarter revenue missed expectations because of lower home prices.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SNX | SYNNEX CORP | 147.00 | +18.16 | +14.10% |
| KBH | KB HOME | 35.72 | -1.34 | -3.62% |
Looking at commodities, West Texas Intermediate crude oil was little changed at $59.50 a barrel and gold was up 0.1 percent at $1,556 an ounce.
U.S. Treasurys gained, pushing the yield on the 10-year note down 2.1 basis points to 1.837 percent.
In Europe, Britain’s FTSE slipped 0.1 percent after the House of Commons passed a bill authorizing the country’s departure from the European Union, which is scheduled to occur on Jan. 31. Elsewhere, Germany’s DAX was up 0.2 percent and France’s CAC gained 0.1 percent.
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Overnight, markets in Asia were mostly higher. Japan’s Nikkei rallied 0.57 percent and Hong Kong’s Hang Seng added 0.3 percent while China’s Shanghai Composite fell 0.1 percent.
