Stocks ended the week with decent gains Friday, cheered by a so-so August jobs report. Apple (AAPL) was a top percentage gainer in the Dow Jones industrial average, up 0.9%, ahead of its Sept. 7 press event where it's widely expected to introduce a new iPhone. Activision Blizzard (ATVI) outperformed in the Nasdaq 100, rising 1.5% to 42.81 as it vies for a breakout from a flat base with a 43.15 buy point.
The Dow, S&P 500 and Nasdaq composite ended with gains of around 0.4%. Small caps outperformed with the Russell 2000 up 0.9%. Preliminary data showed volume on the NYSE and Nasdaq coming in lower than Thursday's levels ahead of the long weekend. The stock market will be closed Monday in observance of Labor Day.
The economy created 151,000 jobs in August, a bit below the consensus estimate of 175,000. The unemployment rate held steady of 4.9%. The new data lowered the chances of a rate hike at the Sept. 21 Fed meeting to around 21%. The chances for a hike at the Dec. 14 meeting are now at 54%.
Separately, a fresh IBD/TIPP poll showed a virtual dead head between Hillary Clinton and Donald Trump.
China names got attention as names like Sina (SINA), Momo (MOMO), Yirendai (YRD) and New Oriental Education (EDU) closed solidly higher in fast trade.
IBD's TAKE: Bullish fundamentals are fueling gains for many leading growth stocks in China. To learn why earnings growth is so important for a stock's success, visit IBD University.
HD Supply (HDS) rallied nearly 2% ahead of its upcoming earnings report. Results are due Wednesday before the open. It's currently working on flat base with a 37.09 buy point. The company was featured in this week's Earnings Preview column.
At the New York Mercantile Exchange, WTI crude oil futures for October delivery rose $1.28, or 3%, to settle at $44.44 a barrel. Oil lost 6.7% for the week. December gold added $9.60, or 0.7%, to $1,326.70 an ounce. The 10-year Treasury yield was recently around 1.6%, up 3 basis points.
