NEW YORK (Pakistan Point News / Sputnik - 06th August, 2021) Wall Street's Big Tech and blue chip stocks hit record highs on Thursday while the broader market rose as well on optimism that the US July jobs report due on Friday could show strong employment gains signaling a recovering economy.
The S&P 500, which groups the top 500 stocks on the New York Stock Exchange, hit an all-time high of 4,430 before settling at a touch below that at 4,429 for a 27-point, or 0.6 percent, gain.
The tech-heavy Nasdaq Composite, which includes Names such as Facebook, Amazon, Apple, Netflix and Google, hit an all-time high of 14,896 before also finishing the session a touch lower at 14,895 for a 115-point, or 0.8 percent, gain.
�The Dow Jones Industrial Average, the broadest US equity barometer on the New York Stock Exchange, did not hit a record.� But managed to recoup most of Wednesday's 0.9 percent decline, which was its sharpest drop in 2 weeks. In Friday's session, the Dow closed up 272 points, or 0.8 percent at 34,793.
Stocks rose after data from the Labor Department showed US jobless claims dipped below the key 400,000 mark last week, suggesting labor market recovery amid the coronavirus pandemic.
The latest weekly reading on employment also raised expectations for job gains in July's non-farm payrolls report due on Friday. Economists said they were expecting the economy to have added 870,000 jobs last month, following through with June's 650,000 jobs.
From: Barani Krishnan - [email protected]
Subject:� Wall Street's S&P, Nasdaq Hit Record Highs As US Jobs Data Awaited
