U.S. stocks sweep to fresh highs after strong jobs report

yahoo2021-07-03

Stocks rose Friday to record levels as investors digested a key print on the U.S. labor market recovery, which pointed to a faster pace of payroll gains than expected. The S&P 500 set another record ...

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Comments

StreetMoon
2021-07-06
StreetMoon
American great again LOL
- VivianChua:
  Amex?gg to ????? towards $180 soon. Happy?
HHLim
2021-07-05
HHLim
Good
Rozilla
2021-07-05
Rozilla
Good
JayTan
2021-07-05
JayTan
Like and comment pls
- JayTan:
  thks
- Sataneson:
  Doned
RK888
2021-07-05
RK888
Great ?
ch33z3
2021-07-05
ch33z3
Plz like and comment... Thx!
- SRT:
  Tx

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The Nasdaq also hit all-time intraday and closing highs, and the Dow gained to set its first record high since May 7. Shares of Tesla (TSLA) fluctuated before ending slightly higher after the electric car-maker's second-quarter deliveries hit a new record but still missed analysts' estimates, based on Bloomberg consensus data.\nInvestorsconsidered the U.S. Labor Department's June jobs report, the central economic data point that came out this week. The print showed a stronger-than-anticipated acceleration in hiring, with non-farm payrolls rising by 850,000 for a sixth straight monthly gain. The unemployment rate, however, unexpectedly ticked up slightly to 5.9%.\n\"This is the 'Goldilocks report' that the market was looking for today. You had a nice print here of 850,000 jobs being added, wage pressure remaining — I wouldn't call them necessarily contained — but surprising here on the downside versus consensus estimates. So this is telling us right now that economic growth is continuing to accelerate here, the jobs market is continuing to heal,\" Emily Roland, co-chief investment strategist at John Hancock Investment Management, told Yahoo Finance. \"We're making progress here in terms of what the Fed has set out to do, which is in order to get unemployment get down, they're going to let inflation run a little bit hot here. Not too hot, not too cold — this is just what the market wants.\"\nHeading into the report, equities have been buoyed by a slew of strong economic data earlier this week, especially on the labor market.Private payrolls rose by a better-than-expected 692,000 in June,according to ADP, andweekly initial jobless claims improved more than expectedto the lowest level since March 2020. Still, other reports underscored the still-prevalent labor supply challenges impacting companies across industries, with the scarcity capping what has otherwise been a robust economic rebound.\n\"It's really the labor market supply that's putting the brake on hiring right now,\" Luke Tilley, chief economist for Wilmington Trust, told Yahoo Finance. \"But we're pretty optimistic, the market is pretty optimistic, and we think that's a big part of what's driving these indexes higher.\"\nFriday's jobs report will also give markets a suggestion as to the timing of the Federal Reserve's next monetary policy move. For now, the Fed has kept in place both of its key crisis-era policies, or quantitative easing and a near-zero benchmark interest rate. However, an especially strong jobs report and faster-than-expected print on wage growth could justify an earlier-than-currently-telegraphed shift by the central bank.\n“For the first time in years, I’m actually worried about a too hot number causing some kind of volatility or pullback in stocks. That’s because the Fed has signaled they are looking to taper QE,\" Tom Essaye, Sevens Report Research founder,told Yahoo Finance. \"And if we get a really, really strong jobs number and a hot wage number, then markets are going to start to say gee, are they going to taper QE maybe before November, or are they going to taper it more intensely than we thought and in a market that's frankly been very calm and a little bit complacent, that could cause volatility.\"\nStill, the Fed has suggested it would not react rashly to single reports, and has given itself leeway to adjust the timeline of its monetary policy pivots as more data comes in.\n\"I think everyone's counting on the Fed continuing really for the foreseeable future. So I don't see any big changes there coming before 2023,\" Octavio Marenzi, CEO and founder of Opimas,told Yahoo Finance.\"And even then the Fed has hedged its bets very significantly — they've basically said we might in 2023 raise interest rates twice, but then again we might not. So I think the smart money is betting things are going to keep on going, they're going to carry on with a very accommodative monetary policy.\"\nEven with the recent strength for stocks, market strategists say that uncertainty about the future of the Fed’s asset purchases and the upcoming earnings season could keep stocks from making major gains in the near term.\n“The market is still very much concerned about the Fed’s reaction function,” said Max Gokhman, head of asset allocation at Pacific Life Fund Advisors, adding that he thought there was still a lot of slack in the labor market.\n4:01 p.m. ET: Stocks close higher, S&P 500 posts longest winning streak since August 2020\nHere's where markets closed out on Friday:\n\nS&P 500 (^GSPC): +32.51 (+0.75%) to 4,352.45\nDow (^DJI): +154.4 (+0.45%) to 34,787.93\nNasdaq (^IXIC): +116.95 (+0.81%) to 14,639.33","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":154285032,"gmtCreate":1625530060926,"gmtModify":1703743016693,"author":{"id":"3581450937859419","authorId":"3581450937859419","name":"StreetMoon","avatar":"https://static.tigerbbs.com/66309fcb0dabf3ca68ead8e251963340","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"American great again LOL","listText":"American great again LOL","text":"American great again LOL","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/154285032","repostId":1165340887,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5453385,"gmtCreate":1628307230231,"gmtModify":1663232043840,"authorId":3580011914778910,"author":{"id":3580011914778910,"authorId":3580011914778910,"name":"VivianChua","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"currentWearingBadge":{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":5,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":154285032,"type":1,"supId":0,"prevId":0,"content":"Amex?gg to ????? towards $180 soon. Happy?","text":"Amex?gg to ????? towards $180 soon. Happy?","html":"Amex?gg to ????? towards $180 soon. Happy?"}],"langContent":"EN"},{"id":155790442,"gmtCreate":1625451960386,"gmtModify":1703741967897,"author":{"id":"3581998759859179","authorId":"3581998759859179","name":"HHLim","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/155790442","repostId":1165340887,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":155265660,"gmtCreate":1625440982950,"gmtModify":1703741603663,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/155265660","repostId":1165340887,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":155212164,"gmtCreate":1625439735458,"gmtModify":1703741575363,"author":{"id":"3572397521268164","authorId":"3572397521268164","name":"JayTan","avatar":"https://static.tigerbbs.com/2df5c1d990871ccbfc0f26d4948532db","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/155212164","repostId":1165340887,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5123811,"gmtCreate":1625449246403,"gmtModify":1663230532730,"authorId":3572397521268164,"author":{"id":3572397521268164,"authorId":3572397521268164,"name":"JayTan","avatar":"https://static.tigerbbs.com/2df5c1d990871ccbfc0f26d4948532db","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":155212164,"type":1,"supId":5122884,"prevId":0,"content":"<u>thks</u>","text":"<u>thks</u>","html":"<u>thks</u>"},{"id":5122884,"gmtCreate":1625445320570,"gmtModify":1663230528542,"authorId":3581730902365980,"author":{"id":3581730902365980,"authorId":3581730902365980,"name":"Sataneson","avatar":"https://static.tigerbbs.com/eca31f563085f3549f3adfa11debfd90","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":155212164,"type":1,"supId":0,"prevId":0,"content":"<u>Doned</u>","text":"<u>Doned</u>","html":"<u>Doned</u>"}],"langContent":"EN"},{"id":155213423,"gmtCreate":1625439333662,"gmtModify":1703741569255,"author":{"id":"3584063721837527","authorId":"3584063721837527","name":"RK888","avatar":"https://static.tigerbbs.com/c94493ec39af6df82d06fcfa8afb3483","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"Great ?&nbsp;","listText":"Great ?&nbsp;","text":"Great ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/155213423","repostId":1165340887,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":155219841,"gmtCreate":1625439160483,"gmtModify":1703741566787,"author":{"id":"3568760258718194","authorId":"3568760258718194","name":"ch33z3","avatar":"https://static.tigerbbs.com/cdc94ed1fb88aee3a5f984c5e20dded1","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"Plz like and comment... Thx!","listText":"Plz like and comment... Thx!","text":"Plz like and comment... Thx!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/155219841","repostId":1165340887,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5121667,"gmtCreate":1625439461729,"gmtModify":1635237301486,"authorId":3581299219229724,"author":{"id":3581299219229724,"authorId":3581299219229724,"name":"SRT","avatar":"https://static.tigerbbs.com/2c4dbc9d7745f5494368eb3ffad10380","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":155219841,"type":1,"supId":0,"prevId":0,"content":"Tx","text":"Tx","html":"Tx"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":3106,"commentSize":1388,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1165340887"}