The major averages rose to end this holiday abbreviated week 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 remains resilient to trade policy and geopolitics. The Dow Jones Industrial Average rose 344 points, or 0.77%. The S&P 500 rose 51 points or 0.83% while the Nasdaq gained 207 points or 1.02% to end at 20,601.
Nonfarm 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%.
The benchmark 10-year yield rose more than 5 basis points to 4.34%. The 30-year bond yield added 3 basis points to 4.86%. The 2-year Treasury advanced more than 9 basis points to 3.886%.
The most stocks grinded higher today led by tech again. A number of upgraded including position comments for Apple up 5% on the week.
Next week investors will look for more trade deals. President Donald Trump announced the U.S.-Vietnam trade agreement Wednesday, investors eagerly awaited any potential future deal announcements as the president’s early July deadline on his 90-day tariff pause approaches on July 9th.
All three major U.S. averages closed out the week in positive territory. The S&P 500 and Nasdaq Composite were up 1.7% and 1.6% for the week. The Dow gained 2.3% for the short week.
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