- The S&P 500 closed trading session on Friday with its seventh record high in a row.
- The Nasdaq and Dow also rose after a surprisingly strong employment report in June.
- US markets will be closed on Monday for Independence Day.
U.S. stocks hit record highs for the seventh straight day on Friday, backed by a June job report that showed stronger-than-expected improvement in the job market as it continues to heal from the effects of the coronavirus pandemic.
The S&P 500 and Nasdaq Composite each posted new closing highs after closing Thursday’s session with a sixth record profit in a row. Investors drove stocks higher after the Labor Department said 850,000 jobs were added to non-farm payrolls last month. That exceeded expectations of 703,000 new jobs in an Econoday estimate.
Here were the US indices on Friday at 4:00 p.m.
- S&P 500: 4,352.45, plus 0.75%
- Dow Jones industry average: 34,787.93, plus 0.45% (154.40 points)
- Nasdaq Composite: 14,639.33, up 0.81%
The job report showed more recruitment in the leisure and hospitality industries, which have been hard hit by the pandemic as bars, restaurants and air travel have been temporarily closed to contain the spread of the virus.
“The labor market will continue to be a closely monitored environment for economic recovery, as all else being equal, a faster-than-expected recovery in the labor market could cause the Fed to begin eliminating the monetary punch bowl earlier than expected,” said Jason Pride, chief Investment officer at Glenmede, a private asset management firm, said in a note.
“Today’s report is unlikely to change much of the Fed’s calculations here as the US labor market is far from its ‘full employment’ mandate,” he wrote. The data arrived before stock trading closed on Monday for Independence Day.
In the markets, Didi shares fell sharply after the Chinese government announced a cybersecurity review of the ride-hailing service, a regulatory blow two days after Didi marked the largest U.S. trading debut of a Chinese company since 2014. Virgin Galactic Holdings ‘shares rose after founder Richard Branson said he would be on the space company’s test flight on July 11, days before Jeff Bezos’ planned trip into space.
Ether has overtaken Bitcoin in the number of active addresses on its network, suggesting that demand for the world’s largest cryptocurrency may decline.
Gold rose 0.8% to $ 1,791.53 an ounce. Long-term US Treasury bond yields fell, with the 10-year yield standing at 1.431%.
Oil prices rose as investors waited for OPEC and its allies to reach an agreement on production levels. West Texas Intermediate crude oil rose 0.8% to $ 75.75 a barrel. Brent crude, the international benchmark for oil, rose 0.7% to $ 76.34 a barrel.
Bitcoin reversed direction, rising 0.1% to $ 33,165.77.