US stock indexes end up; Nasdaq, S&P 500 hit record highs on payrolls data
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The S&P 500 gained 29.67 points, or 0.54%, to end at 5,566.69 points, while the Nasdaq Composite gained 163.04 points, or 0.90%, to 18,351.34. The Dow Jones Industrial Average rose 64.78 points, or 0.16%, to 39,372.78. Megacap stocks rallied on data signaling U.S. labor market weakness and pulled Treasury yields lower. The S&P 500 communication services sector reached its highest level since 2000. Labor Department data showed U.S. job growth slowed marginally in June, and the unemployment rate rose to an over 2-1/2-year high, while wage gains slowed. The Federal Reserve is expected to consider interest rate cuts. Major banks fell ahead of second-quarter corporate earnings reports starting next Friday. Macy's surged after a report said Arkhouse Management and Brigade Capital raised their bid to buy the department store chain for about $6.9 billion.
#UsStockMarket #Nasdaq #S&p500 #PayrollsData #LaborMarket #InterestRateCuts #Banks #Macy's
https://m.economictimes.com/markets/stocks/news/us-stock-indexes-end-up-nasdaq-sp-500-hit-record-highs-on-payrolls-data/articleshow/111528799.cms
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