Rally ebbs as investors seek safety after weak wage data
NEW YORK — Investors made a small move back to safer assets Friday afternoon after the government’s November jobs report showed continued hiring, but weak wages.
Indexes finished little changed as real estate and household goods companies rose, but banks, which have soared since the presidential election, took losses.
Most stocks finished higher, and the biggest gains went to companies that pay big dividends, similar to bonds. Investors also bought bonds, and prices rose and yields fell.
The dollar also weakened as investors expected less inflation. Thanks to a loss from Goldman Sachs, which closed at a nine-year high on Thursday, the Dow Jones industrial average dipped after closing at a record high a day ago.