Investing.com – U.S. equities closed higher on Friday, as expectations of a March rate hike grew to its highest level, after nonfarm payrolls for February beat expectations.
U.S. equities added to gains from the previous session buoyed by a better than expected U.S. jobs report amid a slump in energy stocks.
The Labor Department's non-farm payrolls report showed employers added 235,000 jobs last month, beating expectations for 200,000 while wage growth rose by only 0.2% compared to forecasts of a 0.3% increase.
The key jobs report came ahead of a packed economic schedule next week, as the Federal Reserve is widely expected to increase interest rates. According to Investing.com’s Fed rate monitor tool, 93% of traders expect a rate hike in March, compared to just 80% of traders on Monday.
On the political front, U.S. Attorney General Jeff Sessions asked the remaining 46 chief federal prosecutors appointed by former President Barack Obama to resign "in order to ensure a uniform transition" the Justice Department said on Friday.
The Dow Jones Industrial Average closed 0.21% higher at 20,902. The S&P 500 gained 0.33% and the Nasdaq Composite climbed 0.39% to close at 5,861.73. The Dow, S&P and Nasdaq ended a six-week winning streak.
In corporate news, shares of General Electric (NYSE:GE) climbed more than 2% on Friday, following reports that CEO Jeffery Immelt is being “pushed into early retirement”.
The top S&P 500 gainers included Incyte Corporation (NASDAQ:INCY) up 8.1%, and Ulta Beauty Inc (NASDAQ:ULTA) up 4.6%, while Estee Lauder Companies Inc (NYSE:EL) added 3.5%.
Transdigm Group Incorporated (NYSE:TDG) shed 4.2%, SL Green Realty Corporation (NYSE:SLG) down 2% and Hess Corporation (NYSE:HES) slumped 2%, were among the worst S&P 500 performers of the session.