U.S. Stocks Climb on 57,000 June Jobs Miss as Dow Gains 395 Points
Updated
Updated · CNBC · Jul 1
U.S. Stocks Climb on 57,000 June Jobs Miss as Dow Gains 395 Points
3 articles · Updated · CNBC · Jul 1
Summary
395 points lifted the Dow 0.7% to a fresh intraday record, while the S&P 500 and Nasdaq also rose 0.7% after June payrolls increased by just 57,000.
57,000 jobs came in far below the 115,000 economists expected, pushing the 2-year Treasury yield lower as investors scaled back near-term Federal Reserve rate-hike bets.
The report still showed unemployment falling to 4.2% from an expected 4.3%, complicating the signal from softer hiring even as investors focused on weaker labor momentum.
After Wednesday's chip-led pullback, the major indexes were still on track for solid holiday-shortened weekly gains: more than 2% for the S&P 500, over 1% for the Dow and above 3% for the Nasdaq.