- Title: Wall St little changed as bank rally pauses
- Date: 2nd December 2016
- Summary: NEW YORK, NEW YORK, UNITED STATES (DECEMBER 2, 2016) (REUTERS) (SOUNDBITE) (English) GLOBAL MARKETS ADVISORY GROUP SENIOR MARKET STRATEGIST, PETER KENNY, SAYING: "I think from here out until the end of the year a lot of window dressing. Continue to see rotation from fixed income to debt instruments, yields, into equities. But it will be muted because many people want to see the specifics of the Trump plan and we don't have specifics but we do know some themes will likely underpin a move higher in markets next year. "
- Embargoed: 17th December 2016 21:23
- Keywords: Peter Kenny NYSE markets stocks markets trading bell
- Location: NEW YORK, NEW YORK, UNITED STATES
- City: NEW YORK, NEW YORK, UNITED STATES
- Country: USA
- Reuters ID: LVA0025B709SD
- Aspect Ratio: 16:9
- Story Text:U.S. stocks ended little changed on Friday (December 2) after a payrolls report did little to recast expectations for an interest rate hike from the Federal Reserve this month and bank stocks cooled to round out their fourth straight week of gains.
A U.S. Labor Department report showed employers in private and public sectors hired more people last month than economists had expected, further strengthening expectations of a hike when the U.S. central bank meets Dec. 13 and 14.
But investors' reaction to Friday's jobs report was muted as markets appeared to have already priced in a hike this month.
Major Wall Street indexes have hit a series of record highs over the past three weeks in the wake of Donald Trump's victory in the U.S. presidential election, as investors have rotated into sectors expected to benefit from campaign promises of tax cuts, infrastructure spending and bank deregulation.
"I think from here out until the end of the year a lot of window dressing. Continue to see rotation from fixed income to debt instruments, yields, into equities. But it will be muted because many people want to see the specifics of the Trump plan and we don't have specifics but we do know some themes will likely underpin a move higher in markets next year," said Peter Kenny, Global Markets Advisory Group senior market strategist.
The S&P 500 financial index has risen 13.1 percent since the Nov. 8 vote, while industrials have climbed more than 7 percent.
But the rally in financials eased on Friday, and the index ended down 1 percent as the worst performing of the 11 major S&P sectors.
Goldman Sachs, off 1.4 percent, fell for the first time in four days, while Bank of America, off 1.3 percent, Citigroup, down 2.2 percent, and Wells Fargo lost 1.4 percent as the top drags on the S&P.
The Dow Jones industrial average fell 21.5 points, or 0.11 percent, to 19,170.42, the S&P 500 gained 0.87 point, or 0.04 percent, to 2,191.95 and the Nasdaq Composite added 4.55 points, or 0.09 percent, to 5,255.65.
For the week, the Dow gained 0.1 percent, the S&P 500 shed 1 percent and the Nasdaq dropped 2.7 percent.
Starbucks fell 2.2 percent to $57.21 after the coffee chain operator said Howard Schultz would step down as chief executive officer.
Pandora surged 16.1 percent after CNBC reported the internet radio company was in talks to sell itself to Sirius XM.
Advancing issues outnumbered declining ones on the NYSE by a 1.21-to-1 ratio; on Nasdaq, a 1.05-to-1 ratio favored advancers.
The S&P 500 posted 18 new 52-week highs and six new lows; the Nasdaq Composite recorded 97 new highs and 51 new lows.
About 7.03 billion shares changed hands in U.S. exchanges, compared with the 7.94 billion daily average over the last 20 sessions. - Copyright Holder: REUTERS
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