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S&P 500 winning streak extends to sixth straight record close

Stock MarketsJul 01, 2021 07:14PM ET
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© Reuters. FILE PHOTO: Dividers are seen inside a trading post on the trading floor as preparations are made for the return to trading at the New York Stock Exchange (NYSE), May 22, 2020. REUTERS/Brendan McDermid

By Stephen Culp

NEW YORK (Reuters) - The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.

Investors now eye Friday's much-anticipated employment report.

The bellwether index is enjoying its longest winning streak since early February, and the last time it logged six straight all-time highs was last August.

"Historical data shows if you have a strong first half, the second half of the year was actually going even stronger," said Ross Mayfield, investment strategy analyst with Baird Private Wealth.

All three major U.S. stock indexes ended the session in positive territory, but a decline in tech shares - led by microchips - tempered the Nasdaq's gain.

The Philadelphia SE Semiconductor index slid 1.5%

"For markets so far this year, boring is beautiful," said David Carter, chief investment officer at Lenox Wealth Advisors in New York. "Economic growth has been strong enough to support prices and many asset classes are trading with historically low volatility."

"It feels like investors left for the Fourth of July weekend about three months ago."

The ongoing worker shortage, attributed to federal emergency unemployment benefits, a childcare shortage and lingering pandemic fears, was a common theme in the day's economic data.

Jobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray & Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low.

Activity at U.S. factories expanded at a slightly decelerated pace in June, according to the Institute for Supply Management's (ISM) purchasing managers' index (PMI), with the employment component dipping into contraction for the first time since November. The prices paid index, driven higher by the current demand/supply imbalance, soared to its highest level since 1979, according to ISM.

"The employment and manufacturing data released today supported the idea of continued growth but at a decelerated rate," Carter added.

Friday's hotly anticipated jobs report is expected to show payrolls growing by 700,000 and unemployment inching down to 5.7%. A robust upside surprise could lead the U.S. Federal Reserve to adjust its timetable for tapering its securities purchases and raising key interest rates.

"Too-strong economic data could perversely be a bad thing for markets if it caused the Fed to raise rates faster than expected," Carter said. "Weak employment data may actually be welcomed."

The Dow Jones Industrial Average rose 131.02 points, or 0.38%, to 34,633.53, the S&P 500 gained 22.44 points, or 0.52%, to 4,319.94 and the Nasdaq Composite added 18.42 points, or 0.13%, to 14,522.38.

Of the 11 major sectors in the S&P 500, consumer staples was the sole loser, shedding 0.3%.

Walgreens Boots Alliance (NASDAQ:WBA) Inc dropped 7.4% after it said it expects to administer fewer COVID-19 vaccine shots in the fourth quarter.

Didi Global Inc jumped 16.0%, on its second day of trading as a U.S.-listed company.

Micron Technology Inc (NASDAQ:MU) slid by 5.7% following a report that Texas Instruments (NASDAQ:TXN) would buy Micron's Lehi, Utah, factory for $900 million.

Advancing issues outnumbered declining ones on the NYSE by a 1.78-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.

The S&P 500 posted 36 new 52-week highs and no new lows; the Nasdaq Composite recorded 78 new highs and 30 new lows.

Volume on U.S. exchanges was 9.53 billion shares, compared with the 10.9 billion average over the last 20 trading days.

S&P 500 winning streak extends to sixth straight record close
 

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Comments (17)
Dave Jones
Dave Jones Jul 02, 2021 5:14AM ET
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everything is awesome
Darryl Allen
Darryl Allen Jul 01, 2021 4:37PM ET
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Yesterday they were pushing "delta variant" fear and today its all time highs. The media is corrupt!
Rosh Jardine
RoshJardine Jul 01, 2021 4:37PM ET
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Just waiting some wolf to pull the trigger...
Dave Jones
Dave Jones Jul 01, 2021 4:33PM ET
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everything is awesome!
El Matador
El Matador Jul 01, 2021 3:43PM ET
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How, how how.............  The less you think about math the better you will do in the stock market.  The market is now for the math illiterate.  It rewards the people who have less critical thinking skills.
Morne de Wet
Morne de Wet Jul 01, 2021 2:48PM ET
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rehashed the same article now for the 5 the time
Al Gore
Al Gore Jul 01, 2021 2:44PM ET
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thanks trump
Bill Nye
Bill Nye Jul 01, 2021 2:44PM ET
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for destroying the environment
Joel Schwartz
Joel Schwartz Jul 01, 2021 2:23PM ET
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This isn’t a market any more. Markets have buyers and sellers. This is a ponzi scheme.
Special Forces
Special Forces Jul 01, 2021 1:17PM ET
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Thank you President Biden.
Mitchel Pioneer
Mitchel Pioneer Jul 01, 2021 12:51PM ET
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The fraud and criminal manipulation rolls into Q3 without impediment.  The US Ponzi Scheme, biggest investment joke in the world, just can't post a loss, and when it does, it miraculously "recovers" the next trading day.  The retirement hopes of millions will be dashed, when Wall Street and the FED pull the rug out from under this farce.
Adrian White
Adrian White Jul 01, 2021 12:51PM ET
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There is a simple solution, if that's what you believe. Just tell all your family and friends to sell and move to cash. No need for "retirement hopes to be dashed".
Morne de Wet
Morne de Wet Jul 01, 2021 12:33PM ET
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this is the third time this article has run
Shirley Gohner
Shirley Gohner Jul 01, 2021 11:27AM ET
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Whoever writes this garbage column needs to take a class in economics.
瑪發大絕 極靈 為什麼不幫普悠
瑪發大絕 極靈 為什麼不幫普悠 Jul 01, 2021 11:17AM ET
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well, gotta say that never bet against america is true tho. yall think that too much dollar will cause inflation but the truth is those dollar will slide into other nation's stock market and there stock will reach new peak for sure.
瑪發大絕 極靈 為什麼不幫普悠
瑪發大絕 極靈 為什麼不幫普悠 Jul 01, 2021 11:17AM ET
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*their
Jamiu Flaxy
Jamiu Flaxy Jul 01, 2021 11:07AM ET
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I wish my icon to boost with my Mobile
NUNO LOUREIRO
NUNO LOUREIRO Jul 01, 2021 10:42AM ET
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Labor market heals should be bad news, means FED tapering sooner.... But in this fantasy world there's no such thing as bad news
Jouni Matero
Jouni Jul 01, 2021 10:42AM ET
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FED is just too deep in the hole to start tapering
Chandrakant Shah
Chandrakant Shah Jul 01, 2021 10:36AM ET
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what is new about it. tomorrow it will become old, after it makes another high. this has become daily routine, courtesy generosity of Fed
Morne de Wet
Morne de Wet Jul 01, 2021 10:05AM ET
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this ****just does not stop
 
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