Stocks jump as job growth picks up
Expect good market news in July: Expert
Hodges Capital Management founder Craig Hodges reflects on the 2021 markets thus far and looks ahead to the second half of the year.
U.S. equity markets rallied Friday as investors digested the better-than-expected June jobs report.
The Dow Jones Industrial Average gained 33 points, or 0.1%, while the S&P 500 and the Nasdaq Composite rose 0.21% and 0.37%, respectively. The early gains have the S&P 500 trading at an all-time high.
|I:DJI||DOW JONES AVERAGES||34628.14||-5.39||-0.02%|
|I:COMP||NASDAQ COMPOSITE INDEX||14595.044446||+72.67||+0.50%|
Nonfarm payrolls increased by 850,000 workers in June as the unemployment rate ticked up to 5.9%, the Labor Department said Friday. Analysts surveyed by Refintiv were expecting the addition of 700,000 and the unemployment rate to fall to 5.7%. May’s reading was revised higher by 24,000 jobs to 583,000.
TOP SENATORS WORRY INVESTMENT GIANTS PUTTING CLIMATE, SOCIAL CONCERNS BEFORE RETIREES
In response to the jobs report, the yield on the 10-year bond note dipped to near 1.44%, its lowest level since early March.
|JPM||JPMORGAN CHASE & CO.||155.54||-0.64||-0.41%|
|GS||THE GOLDMAN SACHS GROUP, INC.||374.42||-0.64||-0.17%|
In stocks, interest-rate-sensitive financial firms, including Bank of America Corp., JPMorgan Chase & Co. and Goldman Sachs Group Inc., were mixed in premarket trading.
|SPCE||VIRGIN GALACTIC HOLDINGS INC.||51.43||+8.28||+19.19%|
Virgin Galactic Holdings Inc. said founder Richard Branson will be a member of the July 11 test flight of its SpaceShipTwo Unity, putting him on track to beat outgoing Amazon CEO Jeff Bezos by nine days.
|DNUT||KRISPY KREME INC COM USD0.01||19.29||-1.71||-8.14%|
Krispy Kreme Inc. and Didi Global Inc. remain in focus following their recent initial public offerings. Krispy Kreme shares surged 24% in their debut Thursday while Didi shares have slipped 1.5% in its two trading sessions.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
In commodities, West Texas Intermediate crude oil fell 28 cents to $74.95 a barrel and gold jumped $17.70 to $1,794.50 an ounce.
Overseas markets were mixed.
European bourses were higher across the board, with France’s CAC 40 advancing 0.08%, Britain’s FTSE 100 rising 0.24% and Germany’s DAX 30 climbing 0.4%.
In Asia, Japan’s Nikkei 225 rallied 0.27%, while Hong Kong’s Hang Seng index and China’s Shanghai Composite declining 1.8% and 1.95%, respectively.
Source: Read Full Article