Wall Street advanced to record highs on optimistic jobs growth report filtered through. The Dow climbed 135.3 points to 21,144.18 and S&P 500 nipped up +0.76% to 2,430.06 and NASDAQ climbed +0.78% to 6,246.83.
- Dow 21,144.18 -0.11%
- S&P 500 2,430.06 +0.76%
- NASDAQ 6,246.83 +0.78%
- Russell 2000 1,396.06 +1.89%
- NYSE Composite 11,699.79 +0.88%
- Gold 1,269.80 -0.02%
- Oil WTI $48.00 -0.74%
- 10-year yield 2.22% +0.02%
Best performers of the day were Signet Jewelers +8.96% to $52.41 and Goodyear Tire & Rubber Co +7.23% to $34.55 and Patterson Companies up +6.73% to $47.13.
Tegna, broadcast and digital media company, crept up 0.91% to $15.35. Hewlett Packard fell 6.86% to $17.52 and Analog Devices was down -4.14% to $82.21 were among the losers.
NASDAQ movers were Liberty Global up 1.58% to $30.19 and Broadcom, semiconductor company, declined -2.04% to $234.59.
Rip-roaring job growth
The stock markets was driven higher on release of ADP's national employment figures, which showed private sector employment increased by 253,000 from April to May. Additional evidence that the economy is motoring along.
President's Trump announcement that the US would exit the Paris accord didn't factor into market sentiment.
The job's announcement is adding buoyancy to perceived strength of the economy and that it may not be a filip.
Exceptional corporate profit seen in the first quarter placed alongside potential strong jobs figures to be released by the Bureau of Labor and Statistics on Friday could confirm a Federal Reserve interest rate rise.
Mark Zandi, chief economist of Moody’s Analytics said, “Job growth is rip-roaring. The current pace of job growth is nearly three times the rate necessary to absorb growth in the labor force. Increasingly, businesses’ number one challenge will be a shortage of labor.”