Business

US stocks end week at new highs

NYSE traders Image copyright Reuters

Falling oil prices and a lukewarm jobs report did not stop US markets on Friday, which closed the week at record highs.

Gains in technology, chemical and transport stocks offset the decline among energy companies.

The Dow Jones climbed 62.11 points or 0.29% to 21,206.29.

The broader S&P 500 rose 9.01 points or 0.37% to 2,439.07. And the tech-heavy Nasdaq rose 58.97 points or 0.94% to 6,305.80.

Friday's gains continue the markets' winning streak.

Since the start of the year, the Nasdaq has risen more than 16%. The other two indices are also up more than 6%, buoyed by strong corporate profits.

Stocks have farther to go, Terry Sandven, chief equity strategist at U.S. Bank Wealth Management wrote in a note.

"We continue to look for equities to grind higher in 2017 as corporate earnings increase, the pace of inflation and wage gains trend moderately higher and future Federal Reserve (Fed) rate hikes occur in a measured and deliberate manner," he wrote.

Friday's jobs report, which showed employers adding just 138,000 jobs in May, did little to slow the market.

Though the gain marked a sharp deceleration from previous months, a slowdown had been expected because the unemployment rate is so low. It fell to 4.3% in May - the lowest since 2001.

Technology stocks fuelled Friday's gains.

Semiconductor supplier Broadcom Ltd closed the day up more than 8%.

Microsoft also closed higher after its updates to Skype met with positive reviews.

Oil companies had the biggest retreats.

ExxonMobil and Chevron each fell more than 1% as oil prices, which have decreased in the face of softer demand, declined farther on Friday.

Markets expect increased energy supply, with US President Donald Trump's plan to pull the US out of the global Paris climate agreement leading to increased output by American energy companies.