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Stock Market Today: Live Updates
Traders work on the floor of the New York Stock Exchange on April 25, 2024.
Brendan McDermid | Reuters
THE S&P500 hit a new record high on Friday, with stocks poised to finish the week higher despite a stronger-than-expected jobs report.
The broader market index edged up 0.1% to surpass an intraday high set Wednesday. THE Dow Jones Industrial Average gained 55 points, or 0.1%. THE Nasdaq Composite increased slightly by 0.02%.
Stocks are rebounding after pressure earlier in the session following Friday's jobs report. This news sent the yield on the benchmark 10-year Treasury and 2-year Treasury up nearly 14 basis points.
Nonfarm payrolls rose 272,000 in May, above the Dow Jones estimate of 190,000 and April's gain of 175,000. The average hourly wage increased 0.4% last month and 4.1% year-over-year. However, even with job creation, the unemployment rate increased to 4%.
Investors had been hoping for weak jobs numbers, thinking it would give the Federal Reserve a green light to cut rates later this year. Today, as the job market demonstrates continued resilience, Wall Street appears to be focused on the idea that the economy is strong enough to continue growing without the help of lower interest rates.
“We should all be happy to have a strong economy,” IBM Vice President and former director of the National Economic Council Gary Cohn told CNBC's “Squawk on the Street” on Friday. “At the end of the day, it's all about the economy, GDP growth, corporate profits, consumer health, [and] it’s always going to win out in the long run. »
The jobs report comes after the European Central Bank on Thursday cut rates for the first time since 2019, increasing pressure on the Fed to potentially ease policy. The Fed will make its rate decision next week after its June 11-12 policy meeting.
Darling chipmaker and artificial intelligence Nvidia slipped about 1.4%, from the record high set earlier in the week.
All three major averages are on track for a winning week. The Dow gained 0.7%, while the S&P 500 is up nearly 1.5% and the Nasdaq is on track to advance 2.5%.
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Sources 2/ https://www.cnbc.com/2024/06/06/stock-market-today-live-updates.html The mention sources can contact us to remove/changing this article |
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