Investors send stocks higher on signs that economy's still buoyant

04 Juillet, 2020, 08:36 | Auteur: Auguste Feret
  • Market LIVE: US stocks end up Tuesday; indices report robust quarterly gains

Stocks closed broadly higher on Wall Street Thursday with markets responding positively to the U.S. labour market release. Energy companies notched some of the biggest gains as oil prices strengthened on hopes that a recovering economy will mean more demand.

Massive stimulus and hopes for a speedy economic rebound have returned the S&P 500 and the Nasdaq to 7.6 per cent and 12.6 per cent below their record highs reached in February.

On Thursday, U.S. stocks advanced further, boosted by a better-than-expected June jobs report. Noble Energy Inc (NBL +7.79%), Akamai Technologies (AKAM +6.39%) and TechnipFMC (FTI +5.35%) were top gainers.

About 20 minutes after the opening bell, the Dow Jones Industrial Average was up 1.7 percent or more than 420 points at 26,162.66.

Advancing issues outnumbered declining ones on the NYSE by a 1.90-to-1 ratio; on the Nasdaq, a 1.28-to-1 ratio favoured advancers.

The S&P 500 added 0.5%, its fourth-straight gain and ended the holiday-shortened week with a gain of 4%.

The Labor Department said on Thursday that nonfarm payrolls surged by 4.8 million in June - much higher than expected - and the unemployment rate dropped to 11.1% as businesses in the US continued to reopen. And worries are rising that worsening levels of infections in not just Florida but across swaths of the U.S. South and West could choke off the budding economic improvements. The tech-heavy Nasdaq Composite Index rose by 95.86 points, or 0.95%, to 10,154.63.

The number of applications for jobless benefits filed every week has come down from a peak of almost 7 million in late March, but has stabilized near a historically high 1.5 million, an indication that companies are continuing to cut jobs. Meanwhile, data from the Institute for Supply Management (ISM) showed index of USA factory activity jumped to a reading of 52.6 last month from 43.1 in May, ending three straight months of contraction, or readings below 50. It underlined how fragile the recovery is, and the bond market was also showing more caution than stocks as Treasury yields ticked lower.

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The Russell 2000 index of small company stocks added 4.55 points, or 0.3%, to 1,431.86.

The Labor Department also said 1.427 million people filed initial jobless claims last week - higher than expected.

Earlier on Thursday, stocks climbed across Asia.

They benefited from a 0.7% rise for US crude oil to $40.10 per barrel.

Bond investors showed less enthusiasm, though. The move marked a blow to the drugmaker's expectations to deliver key data from the trial by Thanksgiving.

On the forex front, the ICE U.S. Dollar Index was little changed on day at 97.21, despite a stronger-than-expected nonfarm payrolls report. In June 4.8m jobs were added following an upwardly revised 2.7m in May - that's a 33% recovery.

In Europe, Germany's DAX returned 2.9%, France's CAC 40 rose 2.7% and the FTSE 100 in London added 1.3%.



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