S&P 500 hits 54th record close of the year ahead of crucial jobs report

  • US stocks closed higher Thursday as investors wait for Friday’s crucial jobs report.
  • The S&P 500 closed at a record high for the 54th time of the year, while the Nasdaq also hit a new record high.
  • Unemployment claims fell to 340,000 last week, beating Bloomberg economists’ estimates of 345,000.
  • Sign up for our daily newsletter here, 10 things before the opening bell.

US stocks rose Thursday, with the S&P 500 and Nasdaq both closing at record highs ahead of Friday’s crucial job report. For the S&P 500, it was the 54th record close in 2021.

The August job report is likely to influence the Fed’s decision on when and how much to cut its $ 120 billion monthly bond purchases, which were put in place to calm credit markets during the pandemic.

Meanwhile, unemployment claims fell last week to their lowest level since March 2020, hitting 340,000. That exceeded economists’ estimates of 345,000. Current receivables fell to 2.75 million in the week and were thus slightly below estimates.

The unemployment claims data signals continued strength in the economic recovery from COVID-19, which coincides with a strong earnings season for S&P 500 companies in the second quarter.

Here’s how the US indices stood at 4:00 p.m. ET on Thursday:

Despite the ongoing record highs in the equity markets, risks remain that could derail the historic rally. DataTrek’s Nicholas Colas outlined seven potential risks that could drag stocks down through the year-end.

Chewy stocks fell as much as 10% after second quarter earnings results missed analyst estimates and showed a slowdown in growth.

Binance’s US division is considering an IPO within the next three years as investor interest in cryptocurrencies rises.

Also in the crypto area, the IRS stated that he posed as a crypto dealer named “Mr. Coins” in a $ 180,000 dark web drug stab. Cryptocurrencies are widely used as a means of payment for dark web marketplaces.

Beijing will set up a new stock exchange in the capital to support and facilitate the development of small and medium-sized enterprises, China’s President Xi Jinping said on Thursday.

Cardano’s Ada cryptocurrency surged above $ 3 for the first time Thursday after network upgrades made smart contracts possible. Meanwhile, JPMorgan believes the surge in retail sales has expanded to include altcoins in cryptocurrencies, which have gained popularity this summer.

Oil prices jumped. West Texas Intermediate crude oil rose 1.71% to $ 69.76 a barrel. Brent crude, the international benchmark for oil, rose 1.70% to $ 72.81 a barrel.

Gold fell 0.24% to $ 1,811.60 an ounce.

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