Investing.com – The Dow closed at a record high for the eighth-straight session on Friday, buoyed by better-than-expected jobs data, fuelling risk appetite among investors.
The U.S. economy added 209,000 jobs in July, ahead of forecasts of 183,000 new jobs while the unemployment rate was unchanged at a 16-year low of 4.3%, the Labor Department said on Friday.
The closely watched wage number was unchanged from previous months, with average hourly earnings up 2.5%. The average work week also was unchanged at 34.5 hours.
Wage growth is being closely monitored by the Federal Reserve for evidence of continuing strength in the labor market and upward pressure on inflation.
The upbeat jobs report, renewed expectations the Federal Reserve would keep to its plan to hike rates later this year.
"This just gives them [the Fed] more ammunition for another rate hike," said Sharon Stark, managing director of fixed income strategies at Incapital, referring to the jobs report.
The positive end to the week for U.S. stocks comes amid growing political uncertainty in Washington, after the special counsel overseeing the Russia investigation, impaneled a grand jury to investigate Russia interference in the 2016 elections, The Wall Street Journal reported Thursday.
The Dow Jones Industrial Average closed higher at 22,0192. The S&P 500 traded 0.19% higher while the Nasdaq Composite traded at 6351.56, up 0.18%.