cheap uggs for sale uk US stocks jump following strong January jobs report
economy. That helping small company stocks, which stand to benefit more than others from faster economic growth. Banks rose sharply after President Trump took a step toward scaling back financial industry regulations. Eastern time. The Standard Poor 500 index advanced 16 points, or 0.7 per cent, to 2,297. The Nasdaq composite rose 25 points, or 0.4 per cent, to 5,660.
The Russell 2000 index of smaller company stocks climbed 16 points, or 1.2 per cent, to 1,373. The Russell made large gains at the end of 2016 based on those hopes. employers added 227,000 jobs in January, according to the Labor Department. That more than last year average monthly gain of 187,000. The unemployment rate ticked up to a low 4.8 per cent from 4.7 per cent in December as more people started looking for work.
REGULATION ROLLBACK: Financial firms rose after President Donald Trump took his first steps aimed at scaling back regulations on the industry. He signed an order that directs the Treasury Secretary to look for potential changes to the Dodd Frank law, which reshaped financial regulations after the 2008 09 financial crisis and created the Consumer Financial Protection Bureau.
The order doesn have any immediate impact, but suggests Trump is intent on reducing regulations, which could boost profits for financial companies and banks.
Dow components JPMorgan Chase added $2.41, or 2.8 per cent, to $87 and Goldman Sachs rose $9.78, or 4.2 per cent, to $240.19. Morgan Stanley gained $1.91, or 4.5 per cent, to $44.04 and Invesco rose $1.19, or 4 per cent, to $30.74. Smaller banks, which could find it easier to lend money if regulations are cut, also traded higher.
CARD SWIPED: Visa said shoppers stepped up their use of debit and credit cards in the fourth quarter,
and the payment processing company also benefited from its acquisition of Visa Europe. Its profit and revenue were stronger than analysts expected, and Visa stock jumped $4.09, or 5 per cent, to $86.40.
AMAZON DOESN AMAZE: Online retail giant Amazon traded lower as investors grew concerned about its sales. The company fourth quarter sales fell short of analyst estimates and the company said it expects $33.25 billion to $33.75 billion in revenue in the current quarter. That more than $2 billion short of Wall Street estimates. The stock gave up $27.30, or 3.3 per cent, to $812.65.
MACY SALE? Macy stock soared after the Wall Street Journal reported that Hudson Bay Co., the owner of Saks Fifth Avenue, could buy the department store chain. The companies declined to comment.
Macy jumped $2.69, or 8.8 per cent, to $33.41. The stock has been trading around five year lows. Hudson Bay stock rose 4 per cent in Toronto.
AMGEN ADVANCES: Biotech drugmaker Amgen disclosed a bigger profit and better sales than analysts had expected. It also reported results from a study that showed its cholesterol drug Repatha reduced risk of death, heart attack and stroke in patients with advanced atherosclerotic cardiovascular disease. That could help boost prescriptions for Repatha, which was approved in August. Amgen $6.71, or 4.2 per cent, to $166.29.
SAFETY CHECK: Network security company Fortinet reported a bigger profit and greater revenue than analysts expected and its stock climbed $4.44, or 13.4 per cent, to $37.62 Competitor FireEye slumped $2.06, or 15.8 per cent, to $10.92. That company disclosed a smaller profit and less revenue than expected, and it forecast weaker than expected sales for the current quarter.
UGG LY TURN: Deckers Outdoor, the maker of Ugg footwear, announced weak quarterly profit and sales. The company said it expects to earn around $3.50 a share in the current fiscal year, far short of the analyst estimate of $4.08 a share. The stock tumbled $9.49, or 17.1 per cent, to $46.05.
NO GO FOR GOPRO: Action camera maker GoPro slumped after another weak sales report. The company fourth quarter total of $541 million in revenue fell about $35 million below analyst estimates and its first quarter projection was even worse, as it called for around $200 million in sales in the first quarter. That was $68 million below estimates. The stock sank $1.38, or 12.6 per cent, to $9.59.
BONDS: Bond prices rose. The yield on the 10 year Treasury note fell to 2.44 per cent from 2.48 per cent.
CURRENCY: The dollar dipped to 112.40 yen from 112.70 yen. The euro edged up to $1.0789 from $1.0764.
OVERSEAS: France CAC 40 jumped 0.8 per cent. The British FTSE 100 rose 0.7 per cent while Germany DAX added 0.2 per cent. The Nikkei 225 in Tokyo finish almost unchanged and Seoul Kospi added 0.1 per cent. The Hang Seng in Hong Kong shed 0.2 per cent.