Wall Street at record high after jobs report – as it happened

Rolling coverage of the latest economic and financial newsLatest: Wall Street hits new highs on ‘Goldilocks’ jobs reportUS economy added 850,000 new jobs in JuneStrong gains in leisure and hospitalityAverage hourly earnings up 0.3%But unemployment rate rose to 5.9%Earlier:Introduction: US jobs report in focusOpec+ ministers to discuss lifting supplyECB’s Lagarde: recovery is still fragilePost-Brexit talks on City access to EU have stalled, Sunak revealsRichard Branson aims to beat Jeff Bezos into space by nine days 9.41pm BST A late PS: On Wall Street, the S&P 500 index has closed at a record high for the seventh straight day following today’s strong jobs report.The blue-chip index of US stocks scaled new heights to finish 32 points higher at 4,352, up 0.75% today.BREAKING: The US economy added 850,000 jobs in June, a strong number that shows workers are starting to return as they feel safe and ready.Unemployment rate: 5.9% **Overall, ~70% of jobs lost are back. There are at least 6.8 million jobs to go **Big job gains in June in restaurants and educationRestaurants: +194,000Hotels: +75,000Entertainment: +74,000Local education: +155,000State education: +75,000Biz: +72,000Retail: +67,000Manufacturing: +15,000Warehousing +14,000Lots of encouraging signs in the June jobs report, including fewer people out of work b/c of pandemic”Among those not in the labor force in June, 1.6 million persons were prevented from looking for work due to the pandemic. This measure is down from 2.5 millionin May.”“A stronger than expected jobs report more closely aligns with the re-opening story in the US. It confirms that the economy continues to heal at a steady clip. The equity market has generally been anticipating this, so it should not be too impactful to markets overall, though it may portend continued strength in earnings, especially those sectors tied to the re-opening.”*S&P 500 HITS RECORD FOR 7TH STRAIGHT DAY; FIRST TIME SINCE 1997The last time the S&P 500 had this long a streak of all-time high closes was in June 1997, when the index surged to eight straight records, according to S&P Dow Jones Indices senior index analyst Howard Silverblatt.Stocks have enjoyed a superb first half of 2021, as investors are excited about the reopening of the economy thanks to Covid-19 vaccines. Corporate profits are boomingas a result.The S&P 500 gained 0.8% Friday to close at a record high for the seventh straight day. The Nasdaq was up 0.8% and hit another new record in the process. The Dow rose more than 150 points, or 0.4%, and also closed at an all-time high. https://t.co/g7VqDXhRUKUS Closing Prices:#DOW 34787.53 +0.44%#SPX 4352.42 +0.75%#NDX 14727.6 +1.15%#RTY 2305.76 -1.01%#VIX 15.1 -0.38 7.50pm BST Here are all today’s stories: Related: Post-vaccine rebound accelerates as US economy adds 850,000 jobs Related: Conditions are ripe for repeat of 1970s stagflation and 2008 debt crisis | Nouriel Roubini Related: Ryanair passenger numbers soar as Covid vaccine restores travel confidence Related: Vauxhall owner in plan to produce new electric van at Ellesmere Port Related: Consumers ‘paying the price’ for outdated competition watchdog Related: Test-and-trace rules ‘wreaking havoc’ among UK hospitality sector Related: Ex-Aston Martin boss Andy Palmer becomes CEO of electric bus maker Related: GSK firmly rejects Elliott Management’s demands over chief executive Related: Asda to let head office staff choose where they work Related: China’s internet regulator opens inquiry into Didi ride-hailing service Related: FTSE 100 firms face growing revolt on executive pay amid Covid crisis Related: Takeaways are coming home as England fans prepare for Euro 2020 quarter-final Continue reading…
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