U.S. stocks ended little changed on Friday after a payrolls report did little to recast expectations for an interest rate hike from the Federal Reserve this month and bank stocks cooled to round out their fourth straight week of gains. Bobbi Rebell reports.
U.S. stocks were little changed on Friday, with banking stocks taking a break from their recent rally. For the week, stocks were mostly lower with the Nasdaq losing close to three percent. It's a sign the post-election rally could take a break as the year winds down, says Peter Kenny of Global Markets Advisory Group SOUNDBITE: PETER KENNY, STOCK MARKET STRATEGIST, GLOBAL MARKETS ADVISORY GROUP, (ENGLISH) SAYING: "I think, from here until the end of the year, a lot of window dressing. Continue to see rotation from fixed income to debt instruments, yields, into equities. But it will be muted, because many people want to see the specifics of the Trump plan, and we don't have specifics, but we do know some themes will likely underpin a move higher in markets next year. " The monthly jobs report showed more people were hired last month than expected, with the unemployment falling to a nine-year low of 4.6 percent. Starbucks stock fell after the coffee chain operator said Howard Schultz would step down as chief executive officer to focus on new high-end coffee shops. Pandora surged after CNBC reported the internet radio company was in talks to sell itself to Sirius XM. In Europe, shares snapped a three- week winning streak on concerns about political uncertainty in Italy.