The broad-market index is expected to increase each week during the holiday-shortened trading week as the S&P 500 reached a record high on Friday.
Also reaching a record high was the tech-heavy Nasdaq Composite. Friday saw a 0.8% increase in the Nasdaq Composite and a 0.5% increase in the S&P 500.Nearly 0.2% was added to the Dow Jones Industrial Average.
The benchmark is on track for its fourth straight winning week as investors continue to gamble that any economic downturn later this year will be greeted with a rate decrease by the Federal Reserve.
The S&P 500’s rise this year has increased to about 16%. So far this year, the Nasdaq has gained 22%.
A 206,000 gain in nonfarm payrolls in June was indicated by closely watched labour data that was issued Friday morning, but a rather small increase in the jobless rate, reaching 4.1%. A stable 4% unemployment rate was anticipated by economists.
Source (CNBC)
