How major United States stock indexes fared Tuesday

Wall Street climbs at open on jobs data Dow +1.7

Much better-than-expected jobs information despatched shares higher on Thursday as Wall Street cautiously cheered evidence that the economic climate, while still fragile, seems eager to bounce back again.

USA employers added 4.8 million jobs to their payrolls in June, the second straight month of job growth.

About 20 minutes after the opening bell, the Dow Jones Industrial Average was up 1.7 percent or more than 420 points at 26,162.66.

The S&P 500 gained 15.57 points to 3,115.86. Lerner cited the S&P 500's track record after its biggest quarterly gains since 1950 in a report Tuesday. The energy sector led the way, with Apache jumping 4.1%. The Nasdaq Composite Index increased 95.86 points, or 0.95 percent, to 10,154.63. The US drug maker Pfizer Inc said a COVID-19 vaccine being developed with German biotech firm BioNTech showed promise and was found to be well-tolerated in early-stage human trials. "It all points to a recovery that is clearly under way".

Earlier on Thursday, stocks climbed across Asia.

All three major indexes are on course to finish the week up at least 3.8%.

Smaller stocks rose more than the rest of the market, which often happens when investors are upgrading their expectations for the economy.

The unemployment rate declined 2.2% pts to 11.1%.

Health care stocks also rose.

Weekly unemployment claims data, which offer a more up-to-date view on the USA labor market, showed the number of new applications for jobless benefits fell by 55,000 to 1.43 million last week. Layoffs have averaged 1.5 million a week over the past four weeks.


Still, comments from Anthony Fauci, the US government's top infectious diseases expert, who said there was no guarantee the United States will have an effective COVID-19 vaccine and warned the virus spread "could get very bad", were a reminder that a full economic recovery could be a long road.

"Everybody is obviously watching the changes in the American labor market", said Florian Hense, an economist at Berenberg Bank.

USA stocks are poised to rise this quarter if history is any guide, according to Keith Lerner, chief market strategist at SunTrust Private Wealth Management.

US equities finished mixed on Wednesday as investors digested a slew of economic data.

Jamie Cox, managing partner for Harris Financial Group, said the June jobs report suggests the Paycheck Protection Program is starting to help.

Stocks that would benefit from the economy reopening were also under pressure. Apple, in contrast, notched a 0.7% gain.

The worst performers of the session were Walt Disney Company (NYSE:), which fell 0.73% or 0.83 points to trade at 112.18 at the close. Xerox Holdings surged 5.1%, Vulcan Materials rallied 3.2% and cosmetics company Coty added 3.4%.

Microsoft Corp (MSFT.O) provided the biggest boost to the S&P 500, and in June retained its top spot as the most globally invested stock, according to data from trading platform eToro. The pan-continental Stoxx Europe 600 gained 2%, while Hong Kong's Hang Seng Index closed up 2.9% and the Shanghai Composite Index gained 2.1%.

Treasury yields and the price of oil rose.

Related:

Comments

Latest news

Formula 1 Season Kicks Off With Austrian Double Header
Teams then head to Hungary for a third race on July 19 - which was originally pencilled in to be the British Grand Prix . Regular health tests will be conducted with the number of team members and race staff at the venue also reduced.

PM Modi greets President Trump on 244th Independence Day of US
The land around Mount Rushmore is considered sacred by the Lakota Sioux people, who lived in the area before gold was located. The crowds on the Mall were strikingly thinner than the one gathered for last year's jammed celebration on the National Mall.

Yankees' Tanaka helped off field after taking Stanton liner to head
Pitcher Jordan Montgomery began warming up and started to throw to hitters about five minutes after Tanaka walked off. Stanton, who had his jaw broken by a high fastball in 2014, bent over at home plate and watched motionlessly.

Cyberpunk 2077 will miss wall running, discarded due to design reasons
Cyberpunk 2077 is just around the corner and it seems that the tweaks and improvements are still being made to the game trying flawless every minor detail.

Dodgers’ David Price opts not to play in 2020
First played in 1933, the All-Star Game has a been an annual event, save for 1945 when wartime travel restrictions interfered. Prior to opting out, Price was under contract with the Dodgers through the 2022 season.

Other news