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Stock Market Today: Live Updates
Traders work on the floor of the New York Stock Exchange
New York stock market
Stocks were mostly little changed, but S&P 500 managed to climb as the benchmark index heads for another weekly gain in the holiday-shortened trading week.
The S&P 500's gain this year has reached 16%, with the benchmark index on track for its fourth positive week in the past five weeks as investors bet that any economic weakness later this year will be met with a rate cut from the Federal Reserve.
The general market index rose less than 0.1% on Friday. Dow Jones Industrial Average lost 30 points, or 0.1%, while the Nasdaq Composite Index gained 0.1%.
Widely watched employment data released Friday morning showed a 206,000 increase in nonfarm payrolls in June and a slight increase in the unemployment rate to 4.1%. Economists had expected the jobless rate to hold steady at 4%.
Treasury yields fell following a report on expectations that rising unemployment would prompt the Fed to cut interest rates later this year.
“On the one hand, the downward revisions to prior months and the rising unemployment rate increase the odds of a Fed rate cut in September, and bond markets are certainly cheering that decision,” said Seema Shah, chief global strategist at Principal Asset Management. “But those same numbers can’t help but raise a tinge of concern about the direction of the U.S. economy. The slew of economic data all point to a slowdown, which today’s report adds to that picture.”
In other business news on Friday, Nvidia Shares fell 0.6% after a rare downgrade from Wall Street, which cited limited upside for the chipmaker. The stock is still up 2.6% for the week. You're here rose 1%, adding to its massive gain of more than 25% since the start of the week.
ADP figures released Wednesday showed private sector job growth fell short of expectations in June, and weekly jobless claims beat economists' forecasts. Also, an Institute for Supply Management survey of the services sector unexpectedly indicated a contraction.
Nevertheless, all three major indices are on track to end the week in the green.
THE Nasdaq Composite Index And S&P 500 climbed more than 3.2% and 1.6% respectively over the week. Both closed at all-time highs and set new intraday records on Wednesday. Dow lagged this week, adding about 0.3%.
Markets were closed on Thursday for Independence Day.
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