U.S. stocks rose on Friday, lifting the Dow and S&P 500 into uncharted terrain and posting a seventh week of gains, as investors embraced a stronger-than-forecast November payrolls report as backing the view the economy can handle rate hikes by the Federal Reserve in 2015.
“This is really a phenomenal day. We have the pieces of the U.S. economy coming together, with robust jobs growth, falling gas prices giving consumers lots of confidence to spend money, and low interest rates. It’s a great holiday gift going into the end of the year,” said Jeff Kravetz, a regional investment strategist at U.S. Bank Wealth Management in Phoenix
“We’re seeing further confirmation that the U.S. economy can stand on its own two feet, that life goes on when the Fed is no longer buying assets,” said Jeff Greenberg, senior economist at J.P. Morgan Private Bank.