Advertisment
The S&P 500 rose to a new high on Friday, putting the broad-market index on track for yet another weekly gain during the holiday-shortened trading week. The tech-heavy NASDAQ Composite also hit a new high.
The Dow Jones Industrials had climbed to within 1.69 points of breakeven to observe noon hour EDT Friday at 39,306.31.
The much-broader index had turned positive 15.47 points to 5,552.49.
The NASDAQ popped 126.69 points to 18,315.
All three major indexes are on track to finish the week in the green. The NASDAQ has taken on more than 3.2%, and the S&P 500 has climbed more than 1.6% in the week. The Dow has lagged this week, adding around 0.5%. Markets were closed Thursday for Independence Day.
The S&P 500’s rally this year has grown to 16% with the benchmark on pace for its fourth positive week in the last five as investors bet any economic weakness later this year will be met with a Federal Reserve rate cut. The NASDAQ’s year-to-date gain is 22%.
Widely monitored labour data released Friday morning reflected a 206,000 increase in non-farm payroll adds in June and a slight uptick in the unemployment rate, which rose to 4.1%. Economists expected the jobless rate to remain steady at 4%.
Tesla rose 1%, adding to its whopping week-to-date gain of more than 25%, while Apple shares rose 1.5% to a new all-time high. Nvidia lagged following a rare Wall Street downgrade, which cited limited upside for the chipmaker. The stock is still up 2.6% for the week.
Prices for the 10-year Treasury jumped, lowering yields to 4.28% from Wednesday’s 4.35%. Treasury prices and yields move in opposite directions.
Oil prices gained 36 cents at $84.24 U.S. a barrel.
Gold prices bounced $23.20 to $2,392.60
