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Wall Street Higher after Jobs Data; Dow up 200 Points

Published 07/02/2020, 09:30 AM
Updated 07/02/2020, 09:36 AM
© Reuters.

By Christiana Sciaudone 

Investing.com -- U.S. stock markets opened higher on Thursday, after labor and unemployment data came in better than expected, and ahead of a long holiday weekend.

By 9:35 AM ET (1335 GMT), the Dow Jones Industrial Average was up 400 points or 1.58% at 26,140.53 points. The S&P 500 was up 1.4% while the Nasdaq Composite was up 1.3%.

The U.S. labor market extended its recovery from April’s collapse in June, creating over 1.5 million more jobs than expected as lockdown restrictions across the nation were eased.

Nonfarm payrolls increased by 4.8 million jobs in June, the Labor Department's monthly employment showed Thursday. That was the most since the government started keeping records in 1939. Payrolls rebounded 2.699 million in May.

The unemployment rate fell to 11.1% last month from 13.3% in May.

Tesla Inc (NASDAQ:TSLA)., which is now worth more than Toyota (NYSE:TM), beat estimates for second-quarter vehicle deliveries on Thursday with 90,650 vehicles, above estimates of 74,130 vehicles, according to Refinitiv data.

Crude oil prices held above $40 a barrel in early trade in New York on Thursday as the market shrugged off a report saying that Saudi Arabia had threatened its OPEC partners with another price war if they don’t comply with the most recent agreement on output restraint.

Latest comments

i dont doubt that some jobs are coming back but i also see that states are slowly closing and guess what that means.....job losses. there is nothing rosey about the current state of the economy or the state of this nation.
got 80 pts profit more to come
25900 level be long
How the h_e-ll can payroll numbers AND unemployment numbers BOTH be UP at the same time? Am I missing something? Or is it the usual senseless numbers?
I think you misread it. Unemployment is down.
Oh you are right, i did misread it.. well, hope they keep up the consistency!
You're not so wrong. Apparently unemployment went down, but continuing jobless claims went up. It doesn't make much sense.
All the fudge on those jobs numbers is making me hungry!
As if the market levels actually reflect the expected labor numbers
🤣🤣
When the job numbers improve they certainly cause markets to go up. When job numbers are bad, markets just 'shrug' them off
one should buy Dow now around 26000 level by EOD it will cross 26250+
Numbers came in better than expected? by who? the ones that manipulate the market?
Unemployment is over 11% and Dr Donny is elated. He doesn’t get it, does he? Just wait untl he sees the July number back over 12%.....he’ll be doing cartwheels! LOL!
so he's wrong for being happy that numbers are recovering during a pandemic? like that's something to bash him for? see how Looney you sound?
There's nothing worse than a liberal investor. 🤮
yes, it’s bashable. Why? Because Dr Donny said these were jobs he created with his strong economy. He didn’t create these jobs. These are folks being rehired into the jobs that Obama created years ago and that Dr Donny closed down with his botched handling if the virus. All facts!
The OPEC partners must comply with the agreement or risk having another oil price war.
Saudia Arabia is considering another oil price war.
We don't want a repeat of March when oil prices fell to below zero dollars a barrel. Saudia Arabia must come up with a solution to keep oil prices the same, and prevent another stock market crash like the one in March from happening.
I’m with you 100%, but they spook the market to anything sub $25/bbl, that’s a two fisted index buy that you forget about for the next 5 years, at least.
i’m a trader. I buy anything that i think i can make a quick buck. If It doesnt work, i take my loss and move to other markets.
understood, agreed, and good luck.
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