With the trading week truncated by holidays, stocks gained on Friday, with the S&P 500 poised for yet another weekly gain.
On Friday, there was a 0.3% increase in the broad-market index. Notwithstanding the 0.6% gain on the Nasdaq Composite, the Dow Jones Industrial Average gained 8 points, or less than 0.1%.
As investors gamble that any economic downturn later this year will be greeted by a Federal Reserve rate drop, the S&P 500’s rise this year has swelled to 16%, and the benchmark is on track for its fourth positive week in the last five.
Released on Friday morning, closely watched labour data showed that nonfarm payroll additions increased by 206,000 in June, while the unemployment rate slightly increased to 4.1%.
The unemployment rate was predicted by economists to stay at constant at 4%.
Source (CNBC)
