Wall Street at record high after jobs report – as it happened
Rolling coverage of the latest economic and financial news
- Latest: Wall Street hits new highs on Goldilocks' jobs report
- US economy added 850,000 new jobs in June
- Strong gains in leisure and hospitality
- Average hourly earnings up 0.3%
- But unemployment rate rose to 5.9%
Earlier:
- Introduction: US jobs report in focus
- Opec+ ministers to discuss lifting supply
- ECB's Lagarde: recovery is still fragile
- Post-Brexit talks on City access to EU have stalled, Sunak reveals
- Richard Branson aims to beat Jeff Bezos into space by nine days
9.41pm BST
A late PS: On Wall Street, the S&P 500 index has closed at a record high for the seventh straight day following today's strong jobs report.
The blue-chip index of US stocks scaled new heights to finish 32 points higher at 4,352, up 0.75% today.
BREAKING: The US economy added 850,000 jobs in June, a strong number that shows workers are starting to return as they feel safe and ready.
Unemployment rate: 5.9%
**Overall, ~70% of jobs lost are back. There are at least 6.8 million jobs to go **
Big job gains in June in restaurants and education
Restaurants: +194,000
Hotels: +75,000
Entertainment: +74,000
Local education: +155,000
State education: +75,000
Biz: +72,000
Retail: +67,000
Manufacturing: +15,000
Warehousing +14,000
Lots of encouraging signs in the June jobs report, including fewer people out of work b/c of pandemic
"Among those not in the labor force in June, 1.6 million persons were prevented from looking for work due to the pandemic. This measure is down from 2.5 million
in May."
A stronger than expected jobs report more closely aligns with the re-opening story in the US. It confirms that the economy continues to heal at a steady clip. The equity market has generally been anticipating this, so it should not be too impactful to markets overall, though it may portend continued strength in earnings, especially those sectors tied to the re-opening."
*S&P 500 HITS RECORD FOR 7TH STRAIGHT DAY; FIRST TIME SINCE 1997
The last time the S&P 500 had this long a streak of all-time high closes was in June 1997, when the index surged to eight straight records, according to S&P Dow Jones Indices senior index analyst Howard Silverblatt.
Stocks have enjoyed a superb first half of 2021, as investors are excited about the reopening of the economy thanks to Covid-19 vaccines. Corporate profits are boomingas a result.
The S&P 500 gained 0.8% Friday to close at a record high for the seventh straight day. The Nasdaq was up 0.8% and hit another new record in the process. The Dow rose more than 150 points, or 0.4%, and also closed at an all-time high. https://t.co/g7VqDXhRUK
US Closing Prices:#DOW 34787.53 +0.44%#SPX 4352.42 +0.75%#NDX 14727.6 +1.15%#RTY 2305.76 -1.01%#VIX 15.1 -0.38
7.50pm BST
Here are all today's stories:
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