S&P Hovers Near New Record


The S&P 500 touched a fresh record on Friday, with stocks poised to end the week higher despite a stronger-than-expected jobs report.

The Dow Jones Industrials gained 79.95 points to 38,966.12.

The much-broader index gained 4.46 points to 5,357.72.

The NASDAQ lost 7.64 points to 17,165.48.

All three of the major averages are on pace for a winning week. The Dow has a 0.3% gain, while the S&P 500 is higher by 1.1% and the NASDAQ is on pace for a 2.2% advance.

Chipmaker and artificial intelligence darling Nvidia slipped roughly 1.4%. Technology stocks including Meta Platforms and Alphabet traded marginally lower.

Non-farm payrolls increased by 272,000 in May, above the 190,000 estimate from Dow Jones and April’s 175,000. Average hourly wages increased 0.4% last month and ticked up 4.1% from a year ago. However, even with the job gains the unemployment rate ticked higher to 4%.

Investors had been hoping for weak jobs figures that would give the Fed the green light to cut rates, but not so dim as to indicate a recession.

Prices for the 10-year Treasury fell sharply, raising yields to 4.41% from Thursday’s 4.28%. Treasury prices and yields move in opposite directions.

Oil prices removed one cent to $75.54 U.S. a barrel.

Gold prices gave way $63.80 to $2,327.20



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