U.S. equities and stock exchange traded funds reached a new record level on Friday as industrial and technology sector advances more than made up for the perceived economic weakness on a weak jobs report.
The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEArca: SPY), iShares Core S&P 500 ETF (NYSEArca: IVV) and Vanguard 500 Index (NYSEArca: VOO), were 0.4% higher Friday.
Meanwhile, technology and industrial companies in the S&P 500 were both up 0.8%, leading market gains Friday.
Keeping a cap on market gains, nonfarm payrolls rose by 138,000 last month, or below the 185,000 expected increase by economists, reports Tanya Agrawal for Reuters. Furthermore, data for both March and April months was downwardly revised to show 66,000 fewer jobs created than previously reported. Nevertheless, the unemployment rate dipped to a 16-year low of 4.3% in the previous month.