S&P500 +1.52%(2,759.82); NASDAQ +2.37% (7,688.39); DJIA +0.76% (24,456.48)
This week’s reports:
- June’s Unemployment Rate rose to 4.0% from May’s 3.8% even as Non-Farm Payrolls rose by 213K from May’s +244K. Participation Rate jumped to 62.9% from May’s 62.7%.
- June’s Average Weekly Hours remained unchanged from May’s 34.5. Average Hourly Earnings rose 2.7% y/y, the same as in May.
- June’s Markit Manufacturing PMI rose to 55.4 from May’s 54.6. Services PMI remained unchanged from May’s 56.5. Composite PMI rose to 56.2 from May’s 56.0.
- June’s ISM Manufacturing Index rose to 60.2 from May’s 58.7. ISM Non-Manufacturing Index rose to 59.1 from May’s 58.6.
- May’s Factory Orders rose 0.4% from April’s -0.4%.
- Initial Jobless Claims for the week ending June 30th rose by 3K to 231K. Continuing Jobless Claims for the week ending June 23rd rose by 32K to 1,739K.
US stocks posted weekly gains as signs of a buoyant labor market helped investors look past escalating trade tensions between the world’s two biggest economies.The US slapped levies on $34 billion of China’s exports early Friday, while in response, China’s State Council said it applied tariffs on 545 US items ranging from agricultural products to vehicles.US employers added to payrolls for the 93rd consecutive month, extending the longest continuous jobs expansion on record.