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Market records; Jobs report; Oil prices drop

03 June, 2017, 02:09 | Author: Paula Vaughn
  • Reuters

A broad-based push higher for stocks sent indexes to records on Thursday following yet more signs that the job market continues to improve. But the economy added just 138,000 jobs last month, far below expectations, while wage growth remained anaemic, rising just 0.2 per cent for the month.

The broader S&P 500 Index rose 0.4% to close at 2,439.07, with most sectors reporting gains.

The Dow Jones industrial average gained 62.11, or 0.3 percent, to 21,206.29.

The Nasdaq Composite (.IXIC) was up 13.26 points, or 0.21 percent, at 6,260.09. The 30-year Treasury yield rose to 2.89 percent from 2.87 percent.

All three main United States share indices closed at highs last night.

The Russell 2000 is up 48.26 points, or 3.6 percent.

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The Nasdaq composite jumped 13 points, or 0.2 percent, to 6,211.

Average hourly earnings rose 0.2 percent in May, following a similar gain in April, but unemployment rate fell to a 16-year low of 4.3 percent in the previous month.

Dow industrials climbed to all-time highs on Friday, as investors shrugged off a much weaker than expected jobs report.

Construction spending was down -1.4% for the month and increased 6.7% for the year. Investors were disappointed by a report showing a slowdown in hiring last month. Oil futures were crushed again on Friday after President Trump pulled the US out of the Paris Accord, opening the door for increased oil and coal production.

Among the day's biggest movers, Lululemon Athletica Inc. jumped almost 17% after it reported first-quarter results that beat expectations.

The Dow Jones industrial average rose 10 points, less than 0.1 percent, to 21,160. A stronger job market gives the Federal Reserve more leeway to raise interest rates, and its next meeting on rate policy is in two weeks. The euro fell to $1.1225 from $1.1246, and the British pound edged up to $1.2898 from $1.2892. Brent crude, used to price global oils, slipped 14 cents to $50.62 per barrel. On the Nasdaq, 1,620 issues rose and 705 fell.The S&P 500 index showed 28 new 52-week highs and 11 new lows, while the Nasdaq recorded 82 new highs and 70 new lows.

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