NEW YORK, July 2 (Xinhua) — U.S. stocks rose on Friday as Wall Street sifted through the nation’s June employment report.
The Dow Jones Industrial Average climbed 152.82 points, or 0.44 percent, to 34,786.35. The S&P 500 rose 32.40 points, or 0.75 percent, to 4,352.34. The Nasdaq Composite Index jumped 116.95 points, or 0.81 percent, to 14,639.33. All the three major averages were at their highest closing levels ever.
Nine of the 11 primary S&P 500 sectors ended in green, with technology up 1.39 percent, leading the gainers. The energy and financials groups, however, struggled.
U.S.-listed Chinese companies traded mostly lower with eight of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.
Investors assessed the U.S. labor market recovery.
U.S. employers added 850,000 jobs in June, with unemployment rate unexpectedly edging up to 5.9 percent, the U.S. Labor Department reported Friday.
The latest data followed downwardly revised job growth of 269,000 in April and upwardly revised increase of 583,000 in May, indicating a bumpy road in labor market recovery.
In June, job gains were notable in leisure and hospitality, public and private education, professional and business services, retail trade, and other services, according to the report released by the department’s Bureau of Labor Statistics. Economists polled by Dow Jones had forecast 706,000 new jobs for June.
“The overall tone of the report is consistent with rapid reopening, but not without growing pains,” Chris Low, chief economist at FHN Financial said in a note on Friday.
“Manufacturers added workers, for instance, but cut hours because they cannot source parts and materials. Leisure and hospitality added 343,000 workers, one of the six biggest increases ever in the sector, but far short of the millions they need,” he said.
U.S. markets will be closed Monday in observance of the Independence Day holiday, which falls on Sunday.
Originally Appeared Here