U.S. Stocks at Record Levels on Jobs Report
U.S. stocks rose on Thursday, with the S&P 500 and NASDAQ Composite hitting fresh record highs, after a better-than-expected jobs report fueled optimism the U.S. economy was hanging tough despite fast-changing trade policy and geopolitics.
The Dow Jones Industrials flew 344.11 points to 44,828.53.
The much-broader index 51.93 points to 6,279.35
The NASDAQ Composite ballooned 207.97 points, or 1%, to 20,601.10.
Analysts at Needham upgraded Meta Platforms to hold from underperform, saying in a note to clients that the Facebook-parent company has better labor productivity than eight other Big Tech and media peers that the agency covers.
Thursday was a shortened trading session, with the New York Stock Exchange and the NASDAQ closing at 1 p.m. ET. U.S. markets are closed on Friday for Independence Day.
All three major U.S. averages are on pace to close out the week in positive territory. The S&P 500 and NASDAQ Composite are each 1.7% higher week to date, while the Dow is at a 2.3% gain for the period.
Non-farm payrolls rose by 147,000 in June, the Bureau of Labor Statistics reported Thursday. That’s above the Dow Jones forecast from economists for 110,000 and the upwardly revised 144,000 in May. The unemployment rate also fell to 4.1%, while economists had projected an increase to 4.3%.
Thursday’s report comes a day after ADP released data showing that private payrolls decreased by 33,000 last month, raising fears that perhaps the economy was starting to stumble under the weight of rapid policy changes out of Washington.
Thursday’s official government data knocked down that notion.
Investors are also following along the progress on Trump’s tax megabill, which finally passed the Senate Tuesday and has since returned to the House. The bill is now headed for a final vote after the Republican-controlled House advanced the legislation Thursday.
Thursday will be a shortened trading session, with the New York Stock Exchange and the NASDAQ closing at 1 p.m. ET. U.S. markets are closed on Friday for Independence Day.
Prices for the 10-year treasury were lower, raising yields to 4.34% from Wednesday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices docked 63 cents to $66.82 U.S. a barrel.
Gold prices dipped $20.10 to $3,339.60 U.S. an ounce.
