- The S&P 500 on Friday heads toward a new record high after a robust June jobs report.
- Blue-chip and tech stocks also rose after US data showed the creation of 850,000 jobs last month.
- Stock trading will be closed Monday for Independence Day.
- See more stories on Insider’s business page.
US stocks jumped higher Friday, aiming for a seventh straight day of record highs after the June jobs report indicated accelerating growth in the labor market of the world’s largest economy which as it recovers from the coronavirus pandemic.
All three of Wall Street’s main benchmark indexes advanced, with the S&P 500 up after logging its sixth consecutive record-high close on Thursday.
Ahead of the opening bell, the Labor Department reported the addition of 850,000 jobs to nonfarm payrolls last month. Economists had expected growth of 703,000 jobs, according to an Econoday estimate.
Here’s where US indexes stood at 9:30 a.m. on Friday:
- S&P 500:4,329.46, up 0.22%
- Dow Jones Industrial Average: 34,679.45, up 0.13% (45.92 points)
- Nasdaq Composite: 14,584.94, up 0.41%
The report showed a pickup in hiring in the leisure and hospitality industry, among others. That sector has been hit hard by the COVID-19 pandemic as bars, restaurants, and air travel were temporarily shut down to curb the spread of the virus. The data arrived before investors take a break on Monday as stock trading will be closed in observance of Independence Day.
“We got some early fireworks in the jobs report as the numbers blew past expectations,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, in a note Friday.
“In the current environment, we remain positive of cyclical sectors such as financials and industrials, but we are complementing that with higher quality, large tech companies which will act defensively in the event that growth slows down in the next couple years after the initial post-pandemic boost.”
Around the markets, Virgin Galactic Holdings shares jumped at least 31% early Friday after founder Richard Branson said he will travel on the spaceflight company’s test flight on July 11, days before Jeff Bezos’ planned trip to space.
Gold rose 0.4% to $1,784.28 per ounce. Long-dated US Treasury yields fell, with the 10-year yield at 1.434%.
Oil prices fell. West Texas Intermediate crude lost 0.6%, to $74.75 per barrel as OPEC and its allies meet for a second day to discuss output levels. Brent crude, oil’s international benchmark, lost 0.7% to $75.34 per barrel .
Bitcoin fell 1.3%, to $33,008.45.