US shares close higher
Dow Jones up 39pts
Nasdaq at new high
US jobs number weaker than expected
US stocks finished higher with the tech heavy Nasdaq reaching a new record.
The benchmark Dow Jones Industrial Index closed around 39 points higher at 21,987.
The Nasdaq closed out at 6,435.33 - 6.67 higher and the S&P 500 added 4.90 at 2,476. It was the Nasdaq's 46th all time high of 2017.
US crude was up 0.21% to stand at $47.33 a barrel.
In Toronto, however, the S&P/ TSX Composite index is around 20 points lower at 15,191. Monday is Labor Day and Canadian and US markets are closed.
MID-SESSION
US shares are in positive territory at mid-session after FTSE 100 closed up in London earlier too.
Traders appear to be brushing off the soft US jobs number for August.
The Dow Jones is up around 63 at 22,011, the S&P 500 is ahead by seven at 2,478, while the tech heavy Nasdaq is 5.87 higher at 6,434.
US crude (West Texas Intermediate) is down 0.17% to $47.15.
Lululemon Athletica Inc (NASDAQ: LULU) added over 7% after the company reported better-than-expected results for its second quarter and raised its full year 2017 outlook.
Meanwhile, Palo Alto Networks Inc (NASDAQ: PANW) added nearly 10% at $145.91 as it posted stronger-than-expected results for its fourth quarter and announced the retirement of its finance chief Steffan Tomlinson.
Heavyweight broker JP Morgan also upgraded the stock to 'overweight' from 'neutral' while First Analysis upgraded the stock from to 'overweight' from 'equalweight.'
Xenetic Biosciences Inc (NASDAQ:XBIO) added 3.71% to $2.51
Indeed, biotech stocks have performed well this week, bolstered by two major catalysts for the sector.
The first is the acquisition of Kite Pharma (NASDAQ: KITE) by Gilead Sciences (NYSE:GILD) to garner Kite’s new technology for harnessing the body’s immune system to fight cancer.
Also news that Novartis's gene therapy treatment for pediatric cancer had received FDA approval.
OPEN
Wall Street benchmarks rose on Friday, though the Nasdaq fell as traders digested the non-farm jobs number, which was lower than expected.
Official data showed that the US added 156,000 jobs in August, but the unemployment rate edged up to 4.4%.
Expectations had been for the US to have added 180,000 jobs, down from July’s 209,000.
“Despite the chaotic nature of the Trump administration, recent data has indicated that the US economy is in rude health,” said Dennis de Jong, managing director at trading firm UFX.
“Economic growth, although still well below the president’s four percent target, hit three percent in Q2, the fastest rise in two years. But August’s non-farm payroll reading wasn’t quite what Trump was looking for.”
On Wall Street, the Dow Jones gained 50 to 21,993, the S&P500 added 2.52 at 2,474 and the Nasdaq lost 9.24 at 6,419.
In companies, Hewlett Packard Enterprise Comp (NYSE:HPE) plunged over 22% to $13.91 as it completed the spin-off of much of its software business.
L Brands Inc ( NYSE:LB) added 3.87% to US$37.61 after it reported August sales.
Lululemon Athletica Inc (NASDAQ:LULU) shares were higher after the firm released a forecast-beating performance in the second quarter and said it expects strong sales for the fiscal year 2017. Shares added almost 7% to $61.57
Lululemon Doesn't Disappoint In Q2, As Same-Store Sales Impress The Street https://t.co/zMklQowxFf #benzinga pic.twitter.com/W64cYbhHlK
— 18d.Media (@18dMedia) 1 September 2017