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US stocks – S&P 500, Dow closes at record highs as powerful jobs data boosts cyclicality

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NSr echo wang

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August 6 (Reuters)The Dow and S&P 500 closed at record levels on Friday following a stronger-than-expected jobs report, while investors shrugged off concerns about the delta variable affecting the nascent economic recovery.

A Labor Department report showed that nonfarm payrolls increased by 943,000 jobs final month. Economists polled by Reuters had expected salaries to increase by 870,000 jobs.

The closely watched Labor Department employment report also showed solid wage gains, as employers compete for scanty labor, and a drop in the unemployment rate to a 16-month low.

“I think investors are now saying we’ve got renewed confidence in the economic recovery,” said Sam Stovall, chief investment analyst at CFRA.

Four of the 11 major sectors of the S&P 500 Index rose, with the financial sector .SPSY It posted the biggest daily percentage acquire since July 20. S&P 500 Technology Index .SPLRCT He fell.

Although the three major indices rose during the week following the stellar corporate earnings season, sentiment was weighed by fears of rising inflation which led to a sudden tapering of monetary policy. For the week ending Friday, the S&P 500 rose 0.94%, the Dow Jones rose 0.78% and the tech-heavy Nasdaq rose 1.11%.

The focus now turns to a meeting of Federal Reserve leaders in Jackson Hole, Wyoming, later this month to discuss policy and determine the coming stimulus strategy.

Dow Jones Industrial Average DJI Friday rose 144.26 points, or 0.41%, to 35,208.51, Standard & Poor’s 500 .SPX A gain of 7.42 points, equivalent to 0.17%, to 4436.52 points, and the Nasdaq Composite nineteenth It fell 59.36 points, or 0.4%, to 14,835.76 points.

On the earnings fore, American International Group Inc AIG.N It rose 4.7 percent following beating second-quarter earnings estimates on Thursday.

Zynga Corporation ZNGA.O It fell 18.2% following issuing a disappointing forecast for bookings and announcing a potential acquisition worth more than half a billion dollars.

Corteva Company CTVA.N It rose 8.0% following raising its net sales forecast for this year.

Analysts expect second-quarter earnings growth of 92.9% for S&P 500 companies, according to IBES data from Refinitiv. Of the 427 companies in the index that have reported earnings so far, 87.6% have exceeded analyst expectations, the highest number ever.

In other corporate news, Robinhood Markets Inc. shares hood It rose 7.9% on Friday following a buoyant week in which online brokerage was among the most so-called meme stocks, adding billions to their value.

Volume on US exchanges was 8.65 billion shares, compared to an average of 9.63 billion shares for the packed session over the final 20 trading days.

Advance issues outnumbered declining issues on the New York Stock Exchange by 1.33 to 1; On the Nasdaq, the 1.07 to 1 ratio favored heights.

The S&P 500 hit a unused 52-week lofty, and one unused low; The Nasdaq recorded 112 unused highs and 80 unused lows.

(Reporting by Eko Wang in Asheville, NC. Additional reporting by Shreyyashi Sanyal and Sruthi Shankar in Bengaluru; Editing by Maju Samuel and Matthew Lewis)

((E.wang@thomsonreuters.com))

The opinions and opinions expressed here are those of the author and do not necessarily reflect the views and opinions of Nasdaq, Inc.

Referensi: www.nasdaq.com

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