Dow Hits Record 52,900 as June Jobs Miss Lifts Fed Cut Hopes
Updated
Updated · CNBC · Jul 3
Dow Hits Record 52,900 as June Jobs Miss Lifts Fed Cut Hopes
3 articles · Updated · CNBC · Jul 3
Summary
594.83 points pushed the Dow Jones Industrial Average up 1.14% to a record close of 52,900.07, after also setting a fresh intraday high at 52,903.85.
A softer-than-expected June U.S. jobs report drove the move by strengthening expectations that the Federal Reserve could cut interest rates.
Semiconductor weakness kept the broader U.S. market mixed: the Nasdaq fell 0.8% to 25,832.67, the S&P 500 was little changed, and the SMH chip ETF dropped 4.5%.
Friday trading abroad still leaned risk-on despite the tech rotation, with Japan's Nikkei up 1.36%, Hong Kong's Hang Seng up 1.57%, and Europe's Stoxx 600 on track for a 2.1% weekly gain.