“On the week, the S&P rose 1.7%, the Dow added 1.0%, the NAS gained 1.9%” — Paul Ebeling
Wall Street marked new highs Friday, with the S&P closing up for a 7th day running, after jobs data for June showed robust hiring, but with weakness in the labor market that will keep the Fed from raising interest rates any time soon.
The 3 major US indices: the S&P 500, DJIA and NAS 100 closed at record highs. The S&P’s winning streak is the longest since June 1997.
DJIA +152.82 at 34786.35, NAS Comp +116.95 at 14639.33, S&P 500 +32.40 at 4352.34
The S&P 500 (+0.8%), Nasdaq Composite (+0.8%), and Dow Jones Industrial Average (+0.4%) closed at record highs Friday, powered by the mega-caps following a June employment report seen as Ok. The Russell 2000 fell 1.0% on weakness in energy and financial stocks.
The US Labor Department’s employment report showed NFPs increased by 850,000 jobs last month, but the total is 6.8-M below its high in February 2020.
Looking Ahead: US markets will be closed Monday. When the market reopens Tuesday investors will receive the ISM Non-Manufacturing Index for June.
Have a positive holiday weekend, Keep the Faith!