The stock reduced its gains on Friday after the monthly employment report showed that the US lost jobs in December, with investors continuing to look at the prospect of further fiscal stimulus.
The S&P 500 stock index advanced 0.4%, while the high-tech Nasdaq Composite advanced 0.8%. The Dow Jones Industrial Average fell 0.1%, or about 20 points, pulled down in part by a decline in shares in the 3M industrial conglomerate.
All three indices closed on Thursday at record highs, with investors focusing on the potential for more government spending after victories in Georgia’s runoff runners who will give Democrats control of the U.S. Senate.
Meanwhile, the increase in the coronavirus pandemic continues to weigh on the economy. The Department of Labor report on Friday showed that the US cut 140,000 jobs in December, ending seven months of job growth.
“So far, investors continue to look beyond the weakness of this report and other economic data because they are confident that more fiscal stimulus will come,” said Michael Arone, chief investment strategist at State Street Global Advisors. “And that, as the vaccine is distributed, it will only be temporary and we will be able to overcome the weakness of that number, hopefully, in the not too distant future.”