Financial stocks were the only one of 11 S&P 500 sectors showing gains Friday morning, after a better-than-expected jobs report led to a rise in bond yields, due to greater optimism toward the health of the U.S. economy. Financial stocks, as measured by the Financial Select Sector SPDR Fund (XLF) added 0.3%, while the Dow Jones Industrial Average , S&P 500 index and Nasdaq Composite index were all down more than 0.5%. Top performers Friday morning include Goldman Sachs Group Inc. (GS), JP Morgan Chase & Co. (JPM), Citizens Financial Group Inc. (CFG) and Regions Financial Corp. (RF). The yield on the 10-year U.S. Treasury note rose 10 basis points to 2.051% after the Labor Department said Friday morning that the U.S. economy added 224,000 new jobs in June, above economists expectations of 170,000, per a MarketWatch poll. The report showed job gains in every sector of the economy, while wage growth held steady at 3.1% year-over-year. Financial shares have helped lead stocks higher over the past three months, up 5.6% since early April, according to FactSet.
-Chris Matthews; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 05, 2019 10:14 ET (14:14 GMT)
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