S&P 500, Nasdaq end at fresh records after solid US jobs data
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Traders working on the floor of the New York Stock Exchange, in New York City.
PHOTO: REUTERS
- US stocks surged on July 3rd, driven by better-than-expected jobs data, with the S&P 500, Nasdaq, and Dow reaching record highs.
- The US economy added 147,000 jobs in June, despite concerns about the inclusion of public sector posts and a rising trade deficit.
- Investors are optimistic about Trump's tax cuts, but worry about the US$3.4 trillion increase in debt; markets closed early for July 4th.
AI generated
NEW YORK - Wall Street stocks surged higher on July 3 following US jobs data that topped estimates as President Donald Trump’s massive tax cut measure neared final passage in Congress.
The broad-based S&P 500 jumped 0.8 per cent to 6,279.35, a second straight record.
The tech-rich Nasdaq Composite Index gained 1 per cent to 20,601.10, also a record, while the Dow Jones Industrial Average climbed 0.8 per cent to 44,828.53.
The US economy added 147,000 jobs in June
“We have a nice rally going, and the reason for that is that the employment data was stronger than expected,” said Mr Peter Cardillo, of Spartan Capital Securities, who noted that the market overlooked that the job additions included a heavy share of public sector posts.
Markets also shrugged off data showing an uptick in the US trade deficit in May, with both imports and exports declining.
But congressional Republicans expressed confidence they would win final passage of Mr Trump’s sweeping fiscal package, which includes heavy spending increases for deportations and cuts in federal health care programmes.
Investors have greeted the extension of tax cuts, but have expressed concern at forecasts that the package will add US$3.4 trillion (S$4.3 trillion) in debt.
US stock exchanges closed early on July 3 and will be shuttered on Friday for the July 4th Independence Day holiday. AFP
