S&P 500, Nasdaq end at records after strong US jobs data
Wall Street stocks surged to fresh records Friday after a much stronger-than-expected July jobs report suggested the US economy is healthier than previously thought.
The broad-based S&P 500 rose 0.9 percent to 2,182.87, about four points above its prior all-time high set last month.
The tech-rich Nasdaq Composite also set a record, up 1.1 percent at 5,221.12, while the Dow Jones Industrial Average jumped 1.0 percent to 18,543.53, only 12 points from its record.
The Labor Department said the economy added 255,000 jobs in July, easily topping the analyst forecast for an increase of 185,000 payrolls. The department also upwardly revised the employment figures for May and June and said hourly wages rose in July.
"The US economy may not be going gangbusters but it remains the best equity alternative of any worldwide index," said Michael James, managing director of equity trading at Wedbush Securities.
"The most important takeaway from a better jobs report is an indication of a continued grind higher in the US economy."
The jobs report also boosts the odds of a Federal Reserve interest rate increase this year, but probably not before December, analysts said.