The stock market liked, but didn't love, news of better-than-expected job growth in February as major stock indexes closed out the week with modest gains.
The Nasdaq composite's five-week win streak came to an end, but not by much. The tech-laden index rose 0.4%, but fell nearly 0.2% for the week. The S&P 500's six-week win streak also ended. It gained 0.3% Friday; down 0.4% for the week. The Dow Jones industrial average picked up 0.2%, but lost 0.5% for the week. Preliminary data showed volume on the NYSE coming in about 10% lower than Thursday. Nasdaq volume ended close to Thursday's level.
Advancing stocks outnumbered decliners on both exchanges by nearly 2-to-1.
Chip names like Lam Research (LRCX), Applied Materials (AMAT) and Broadcom (AVGO) outperformed in the Nasdaq 100, with gains of around 2% each.
February employment numbers came in better than expected, just like the ADP report earlier in the week. February nonfarm payrolls rose to 235,000, nicely above the consensus estimate of 200,000. The unemployment ticked lower, as expected, to 4.7%.
At the New York Mercantile Exchange, April WTI crude oil lost another 1.6% to $48.49 a barrel. For the week, it lost 9%, partly due to a government report earlier in the week that showed an 8.2-million-barrel weekly rise in domestic crude supplies to a record level of 528.4 million barrels.
In the stock market today, the airline group held up relatively well despite a big dive by Southwest Airlines (LUV) after the company lowered its unit revenue guidance. Shares recovered nicely off lows but still fell 0.8%. American Airlines (AAL) and Delta Air Lines (DAL) also gave weak forecasts earlier in the week.
Southwest is testing support at the 10-week moving average for the second time after a breakout from a cup-shaped base with a 48.10 buy point.
In IPO news, IT services provider Presidio (PSDO) had an unspectacular debut after pricing last night at 14, at the low end of a proposed range of 14-16. Shares were recently trading around 14.25.
Ulta Beauty (ULTA) and Dave & Buster's (PLAY) were solid gainers in the IBD 50. Ulta Beauty reversed higher, rising nearly 5% to 286.42, after the company reported its sixth straight quarter of 20%+ earnings and sales growth. It's still in buy range from a prior 274.09 buy point. Dave & Buster's picked up close to 2% to 59.62. It's still in buy range after reclaiming a 58.35 buy point.
In the coming week, a two-day Fed meeting concludes Wednesday with an interest rate hike pretty much a slam dunk at this point. It's also a busy week of economic data with reports on consumer and wholesale inflation, retail sales, housing starts, manufacturing and consumer confidence.
The coming week is quiet on the earnings front with only a handful of notable names reporting, including Oracle (ORCL), Jabil Circuit (JBL), Adobe Systems (ADBE) and Tiffany & Co. (TIF)
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