View the article online at http://citywire.co.uk/money/article/a878493
Overnight Markets: Materials shares lift Wall Street
But disappointing forecasts from retailers and anxiety ahead of Friday's jobs report limited the advance.
Wall Street rose for a second day on Thursday amid a rally in raw-material and industrial shares, though disappointing forecasts from retailers and anxiety ahead of Friday's jobs report limited the advance.
The Dow Jones industrial average added 80 points, or 0.49%, to end at 16,417, the S&P 500 gained three points, or 0.15%, to 1,915 and the Nasdaq Composite added five points, or 0.12%, to 4,510.
Shares of large banks and materials and industrials companies, which are down sharply so far this year, were the biggest gainers Thursday.
The S&P 500 materials index rose 2.8%, as declines in the US dollar lifted copper and other metals prices. Shares of aluminum producer Alcoa rose 10%.
Economic data showed non-farm productivity declined in the fourth quarter at its fastest pace in more than a year, while new orders for US factory goods also fell in December by the most in a year.
The weaker data came ahead of Friday's key monthly jobs report from the US government, which is expected to show 190,000 non-farm jobs added in January.
Consumer-related shares were among the day's biggest losers in the S&P 500 after retailers Ralph Lauren (RL.N) and Kohl's (KSS.N) warned of a tough year ahead. Ralph Lauren sank 22.2%, while Kohl's fell 18.8%, the two biggest percentage decliners in the S&P 500.
The consumer discretionary index was down 0.6%, while S&P staples fell 0.9%. GoPro (GPRO.O) fell 8.7% after the camera maker forecast current-quarter revenue below analysts' estimates.
After the bell, shares of LinkedIn (LNKD.N) dropped 24% following the networking site operator's results and forecast.
In Asia, shares were trading mixed on Friday in morning trade as a newly weaker dollar brought fresh concerns, despite a positive finish on Wall Street overnight.
In Japan, the Nikkei extended losses, with the index falling 1.18% on the back of a stronger yen. Down Under, Australia's ASX 200 was down 0.64%. Across the Korean Strait, the Kospi initially opened down 0.28% before retracing losses to trade up 0.18%.
In China, the Shanghai composite was up 0.12%, while Hong Kong's Hang Seng index was up 0.90%.
News sponsored by:
Making the most out of Europe's potential means seeing things differently. Learn more about how BlackRock's focused approach to investing in Europe helps investors unlock the continent's vast potential.
In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.
More about this:
Tools from Citywire Money
From the Forums+ Start a new discussion
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add firstname.lastname@example.org to your safe senders list so we don't get junked.