After a stronger than expected jobs report, the S&P 500 recorded its seventh straight record close; marking the longest streak since 1997. Stocks rose on Friday and the S&P 500 hit another record high after the June jobs report showed an accelerating recovery for the U.S. labor market.
Ahead of this U.S. holiday weekend, the Dow Jones Industrial Average notched its first record close since this past May. The Dow advanced 152.82 points (0.4%), ending at 34,786.35. The S&P 500 rose 32.4 points (0.8%), to 4,352.34; while the Nasdaq Composite rose 116.95 points (0.8%) to 14,639.33.
With an original forecast of 675,000 added jobs in June, the U.S economy added 850,000 jobs complied by FactSet. Average hourly earning rose slightly slower at 0.3% as opposed to the 0.4% the economists forecasted.
“This is a strong report and should be taken as a sign of things to come for an accelerating labor market,” Aberdeen Standard Investments deputy chief economist James McCann said in a note.
Regardless of timing, the combination of stronger job growth and slower inflation looks to have gotten U.S. investors in a risk-on mood.