Wall Street closes with new records despite jobs report
Wall Street closes with new records despite jobs report
A strong reading on US private jobs creation sent Wall Street's three main indexes to record highs helping fan a rally in Asia and Europe
03 June, 2017, 01:35
Job gains are slowing as the labor market nears full employment."It's not really an outlier just a little bit disappointing based on consensus expectations which were maybe a little bit high", said Sameer Samana, global quantitative analyst at Wells Fargo Investment Institute in St. Louis."Almost all the numbers when compared to the six and twelve month moving averages, are very much in line with continued improvement in the economy and the labor market". Data from the Labor Department showed that the US economy added 138,000 jobs last month, signficantly below the 185,000 projected in a MarketWatch survey. "Since then, the S&P 500 is up about 400 points", Antonelli said.
The S&P 500 index hit an intraday record at 2,433.33, and was recently trading 2 points, or 0.1% higher at 2,432.
Nine of the 11 major S&P sectors were higher, with the industrials index's 0.35% rise leading the advancers. Both April and March figures were reduced: April's was cut to 174,000 from 211,000, while March was revised to 50,000 from 79,000. They expect the unemployment rate to remain at 4.4%.
Economists had expected around 180,000 jobs to have been created last month. Average hourly wages increased 0.2% to $26.22, in-line with estimates. The report comes ahead of the Federal Reserve's June meeting, where it is expected to raise interest rates. Fed fund futures are pricing in a 93.% probability of a rate hike this month, according to the CME FedWatch tool (http://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html).
The Russell 2000 is up 38.93 points, or 2.9 percent.
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