S&P 500, Nasdaq close at record high on upbeat data

S&P 500, Nasdaq close at record high on upbeat data

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".

The government said Friday that employers added 138,000 jobs in May.

Nine of the 11 major S&P sectors were higher, with the industrials (.SPLRCI) index's 0.35 percent rise leading the advancers.

The Nasdaq jumped 58.97 (+0.94 percent) to close at 6,305.80 while the S&P 500 finished at 2,439.07, up 9.01 (+0.37 percent) from its open. It will include hiring by all non-farm employers, and economists expect it to show growth of 176,000 jobs in May.

Bond prices rose, sending yields lower. Stock indexes remained at record highs. The WSJ Dollar Index rose 0.2% while 10-year Treasury yields edged up to 2.217% from 2.198% Wednesday.

More news: China vows to adhere to Paris climate deal

The Dow is up 126.01 points, or 0.6 percent. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.67 point or 0.13 percent, to 498.49.

The more comprehensive jobs report from the USA government arrives on Friday.

Shares of General Motors rose 50 cents, or 1.5%, to $34.43 and Ford's stock gained 29 cents, or 2.6%, to 11.41, after Ford reported an unexpectedly strong sales performance in May due to an increase in sales to fleet buyers. "The U.S. economy is showing other signs of strength as well and the market is still forecasting that the Fed will raise rates later this month". US crude settled up $0.04, or 0.08 percent, at $48.36 per barrel.

Benchmark U.S. crude oil rose 4 cents to settle at $48.36 per barrel. On the Nasdaq, 1 620 issues rose and 705 fell.

Energy blue-chips Exxon Mobil Corp (NYSE: XOM) and Chevron Corp (NYSE: CVX) fell 1.5% and 1.1%, respectively, after President Trump withdrew the United States from the Paris climate accord.

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