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Stock prices rise, dollar falls on U.S. jobs data

Stock MarketsJul 02, 2021 05:41PM ET
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2/2 © Reuters. FILE PHOTO: A man rides a bicycle past a screen displaying Nikkei share average and stock indexes outside a brokerage, amid the coronavirus disease (COVID-19) outbreak, in Tokyo, Japan December 30, 2020. REUTERS/Issei Kato/File Photo 2/2

By Elizabeth Dilts Marshall

NEW YORK (Reuters) -Global shares rose on Friday, hitting an all-time high on lift from a better-than-expected U.S. monthly jobs report that signaled a strong end to the second quarter in the world's largest economy.

There were weak spots in the jobs report, including a slight uptick in the U.S. unemployment rate, and the dollar dropped from a three-month high.

Data showed U.S. job growth accelerated in June as nonfarm payrolls increased by 850,000 jobs after rising by 583,000 in May, although the unemployment rate rose to 5.9% from 5.8% the previous month. Economists polled by Reuters had forecast payrolls advancing by 700,000 jobs.

The MSCI All Country World index closed at 725.41, up 0.39% on the day. The pan-European STOXX 600 index settled 0.26% higher. On Wall Street, the S&P 500 and Nasdaq hit record highs.

Still, there were signs of caution in various corners of the market due to the continuing spread of the COVID-19 Delta variant and concerns over a potentially more hawkish Fed. [nL2N2OE1OW]

The benchmark U.S. 10-year yield fell and gold edged higher to close out the week. (GOL)

"I think the market is torn between whether to price in the market outlook or the Fed reaction," said Priya Misra, head of global rates strategy for TD Securities in New York. The Dow Jones Industrial Average rose 152.82 points, or 0.44%, to 34,786.35, the S&P 500 gained 32.4 points, or 0.75%, to 4,352.34 and the Nasdaq Composite added 116.95 points, or 0.81%, to 14,639.33. (N)

The benchmark 10-year yield was down 3.9 basis points at 1.4407%. Euro zone government bond yields fell, as investor fears over the rise in COVID-19 cases outweighed strong U.S. data. Germany's 10-year bond yield, the euro zone benchmark, dropped to -0.24%, its lowest since mid-June.

The dollar slipped from a three-month high, pressured by the weaker details of the U.S. nonfarm payrolls report.

U.S. employment remains about 6.8 million jobs below its peak in February 2020. There are a record 9.3 million job openings. The dollar index fell 0.375 points or 0.4% to 92.222.

The Japanese yen was last down 0.39 percent, at $111.0600.

While prospects of a strong economic recovery underpinned equity markets, investors remain nervous that a sharp recovery from the pandemic could boost inflation to an uncomfortable level for the Fed.

Former U.S. Treasury Secretary Lawrence Summers has said massive U.S. fiscal spending will set off inflationary pressures not seen in a generation. Others argue that until wage pressures return in force, a return to 1970s-style inflation is unlikely.

Spot gold prices rose $4.71 or 0.27%, to $1,781.31 an ounce.

OPEC+ resumed talks on raising oil output a day after the United Arab Emirates blocked a deal. The standoff could delay plans to pump more oil through the end of the year to cool prices that have soared to 2-1/2 year highs.

Oil prices ended the week mixed. Brent crude settled up 33 cents, or 0.44%, and U.S. crude settled down 7 cents, or 0.09%. [O/R]

Stock prices rise, dollar falls on U.S. jobs data
 

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Comments (10)
Joel Schwartz
Joel Schwartz Jul 02, 2021 8:56PM ET
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Good job data is supposed to boost the strength of the country’s currency, not lower it. This market is broken.
vic riv
vic riv Jul 02, 2021 8:56PM ET
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or the media is covering the wrong day 🙄... must were scared at the unemployment rate rising... sure the fud market will pass and warm up Monday.. bet the writer of this article was buying the dip today not the "rise".... will spce got a nice rise.
Gene Kret
Gene Kret Jul 02, 2021 8:02AM ET
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TSLA POWW DNUT SPWR….🚀 10:10
Silence Dogood
Silence Dogood Jul 02, 2021 4:12AM ET
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China’s that 200 lb wild eyed fifth grader who just figured out they can beat up the other kids (Vietnam, Philippines, etc) on the playground. This will not end well.
Mohd Asmadibin Ramli Ramli
Mohd Asmadibin Ramli Ramli Jul 02, 2021 3:25AM ET
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what true people job atrue people takde asset world be happy anda people must Avery Times smile
Ronald Chong Kok Hoong
Ronald Chong Kok Hoong Jul 02, 2021 3:16AM ET
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xi is a hypocrite. what about hostility and bullying of neighbouring countries like hong kong, taiwan, japan, south east asia
divad mocihc
9divaD Jul 02, 2021 1:13AM ET
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If ComChi so great, move there. No need to shill anymore. Fat dictators always talk a lot and eat even more but never say anything.
divad mocihc
9divaD Jul 02, 2021 1:07AM ET
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Any forces attempting to bully Taiwan would will "get their heads bashed".
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divad mocihc
9divaD Jul 02, 2021 1:07AM ET
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David David Wong again, you are part of the one child generation … cannot see forest from the trees … Tank Man lives
David David
David9 Jul 02, 2021 1:07AM ET
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Which Tank Man you talking about? Were you around at the time? If you were not there, you cannot say what happens... you are blinded by the propaganda media...
divad mocihc
9divaD Jul 02, 2021 1:07AM ET
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You must be so lonely and isolated. Go back to motherland, get proof, listen what Hee said / Xi said. So no one laugh anymore.
Luu Hung
Luu Hung Jul 02, 2021 1:07AM ET
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David David Any forces attempting to bully Taiwan would will get bat soup ok?
Silence Dogood
Silence Dogood Jul 02, 2021 1:07AM ET
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true. Everyone knows Taiwan has high speed nukes pointed at Shanghai and Beijing. They will light the sky on fire before they give up their country.
David David
David9 Jul 02, 2021 12:59AM ET
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For the next decades to come... China will be the best place to invest... Elon Musk said China will have 2 to 3 times bigger economy than US and China is way ahead in the clean energy era...
Greek Fire
Greek Fire Jul 02, 2021 12:20AM ET
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China to Taiwan: we want to reunite in peace. "We come in peace" are the most dangerous words in all of history. Anyone who has every claimed to "come in peace" has worked to wipe out entire populations or species.  Let's see if Taiwan is as ignorant as Hong Kong
Ben Chod
Ben Chod Jul 02, 2021 12:20AM ET
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True, only have to look at what the europeans have done in last 500 odd years.
David David
David9 Jul 02, 2021 12:20AM ET
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China is very clear on this... if Taiwan drag their feet, it will be reunited with force... but China wants a peaceful reunification. Because Taiwan is the last piece of the 100 years of humiliation, it is the red line and there is no negotiation for this piece on the chess board...
John Thompson
John Thompson Jul 02, 2021 12:20AM ET
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Ben Chod  hahaha soo well said the blood on their hands surpasses even the communist's
Silence Dogood
Silence Dogood Jul 02, 2021 12:20AM ET
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David David  Taiwan is where the original scholars and heroes went when they were double crossed by Mao. Everyone knows that. They are more advanced and enlightened. The main land would be wise to follow Taiwan.
Michael Chen
Michael Chen Jul 01, 2021 11:46PM ET
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A global crisis is coming soon. Euro,Asia and China markets heading down. Will unlimited QE saves the world again?
Joel Schwartz
Joel Schwartz Jul 01, 2021 11:46PM ET
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Unlimited QE is more of a threat to the world than the pandemic ever was.
John Thompson
John Thompson Jul 01, 2021 11:46PM ET
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Joel Schwartz  Greece style crash in markets scenario they coming for your pension chaps to wipe out that 300 trillion dollars of debt rung up since 2008
 
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