Wall Street climbs at open on jobs data, Dow +1.7%,

Market LIVE: US stocks end up Tuesday; indices report robust quarterly gains

Wall Street's main indexes opened the day sharply higher as investors cheer the upbeat labour market data from the US. Stocks also rose across Europe and Asia, while oil prices strengthened on hopes that a recovering economy will mean more demand.

Massive stimulus and hopes for a speedy economic rebound have returned the S&P 500 and the Nasdaq to 7.6 per cent and 12.6 per cent below their record highs reached in February.

And the USA is still losing jobs, the Labor Department said in a separate report showing 1.43 million people filing initial claims for unemployment benefits last week, only slightly less than the prior week. The energy sector led the way, with Apache jumping 2% and Continental Resources gaining 7.3%. Furthermore, the Dow Jones Industrial Average and the Nasdaq Composite were rising 1.55% and 1.25%, respectively.

All three major USA stock averages advanced, with the benchmark S&P 500 posting its fourth straight daily gain.

The best performers of the session on the were Walgreens Boots Alliance Inc (NASDAQ:), which rose 2.69% or 1.10 points to trade at 41.98 at the close.

The S&P 500 added 0.5%, its fourth-straight gain and ended the holiday-shortened week with a gain of 4%.

The Labor Department reported that the USA gained a surprising 4.8 million jobs in June, pushing the unemployment rate down to 11.1 percent and providing a boost to an economy hammered by coronavirus shutdowns.

Investors said they would be looking to see if rising employment numbers result in an uptick in consumer spending, which accounts for roughly two-third of US economic activity.

The S&P 500 is down 177.54 points, 5.5%.

U.S. Factory Orders jumped 8.0% on month in May (+8.6% expected), the biggest increase since 2014.

The Labor Department also said 1.427 million people filed initial jobless claims last week - higher than expected.

In other news, Tesla (NASDAQ:TSLA) surged 8% to an all-time high as its second-quarter vehicle deliveries, topped analysts estimates at a time when others in the auto industry have seen sales slump.

Lu added: "1.43 million filed for unemployment last week [plus] 840,000 gig workers".

The Nasdaq is up 901.55 points, or 10.1%.

The Russell 2000 index of small company stocks added 4.55 points, or 0.3%, to 1,431.86. Elsewhere in commodities trading, Crude oil for delivery in August rose 1.13% or 0.45 to hit $40.27 a barrel, as the September Brent oil contract rose 0.07% or 0.03 to trade at $42.80 a barrel.

Bond investors showed less enthusiasm, though. Markets will be closed Friday in observance of Independence Day. The move marked a blow to the drugmaker's expectations to deliver key data from the trial by Thanksgiving.

Cruise operator Carnival was up 2.4 percent, Norwegian Cruise Line gained 3.3 percent and Royal Caribbean climbed 3.4 percent. Germany's DAX 30 surged 2.84%, France's CAC 40 advanced 2.49%, and the U.K.'s FTSE 100 was up 1.34%.



Latest news

Details on Meghan Markle's Feelings About Royal Family During Pregnancy
"The problem is she and Harry have a tendency to hatch big projects over dinner and expect them to be actioned within days". This took a toll on her mental health while she was pregnant, they say.

Facebook is discontinuing the Oculus Go standalone VR headset
For anyone who does own a Oculus Go, Facebook says it will continue to provide bug fixes and security patches through 2022. Recently, Oculus Go headsets have become hard to find, with the product often sold out at major third-party retailers.

Major League Baseball players positive for coronavirus after first round of tests
In addition to 31 players testing positive, seven staff members also had a positive COVID-19 result. If a player's test is positive for COVID-19, he will be instructed to self-isolate immediately.

Gov. Kelly signs executive order requiring masks in Kansas
Almost 76% of Sedgwick County's 516,000 residents, some 399,000 people, live in Wichita. The Kansas order is the latest in a series of similar ones enacted in other states.

Hydroxychloroquine can help save hospitalized COVID-19 patients ― study
Hydroxychloroquine has been a topic of controversy since President Trump touted its effectiveness as early as March. The anti-malarial drug hydroxychloroquine lowers the death rate of COVID-19 patients, USA researchers have said.

Other news