U.S. stocks close higher after strong June jobs report
The stock market closed early following the traditional schedule before Independence Day. The Dow Jones Industrial Average rose 344.11 points, or 0.77 percent, to close at 44,828.53. The S&P 500 gained 0.83 percent to finish at 6,279.35, while the Nasdaq Composite advanced 1.02 percent to 20,601.10. Both the S&P 500 and Nasdaq ended at new all-time highs.
Gains were broad-based across most sectors. Technology led the charge with a 1.29 percent increase, followed by financials, which rose 1.08 percent. Industrials climbed 0.82 percent, and consumer discretionary added 0.75 percent. Materials was the only sector to finish unchanged.
The Bureau of Labor Statistics reported that nonfarm payrolls rose by 147,000 in June in the United States, topping economists' expectations for 110,000 and exceeding the upwardly revised 144,000 in May. The unemployment rate fell to 4.1 percent, better than the forecast increase to 4.3 percent.
"The biggest implication from the employment report would seem to be there's no way the Fed's cutting rates in July, and it's a question mark as to whether rates are cut at all this year," Jed Ellerbroek, portfolio manager at Argent Capital Management, said in an interview with CNBC.
Meanwhile, in Washington, D.C., the House of Representatives passed U.S. President Donald Trump's massive tax and spending bill just before the holiday recess, marking a key political victory for the administration ahead of the July 4 break.
Shares of the world's largest technology companies, which have helped drive the recent market rally, were mostly higher on Thursday. Nvidia, Microsoft, Amazon and Broadcom each rose more than 1 percent, extending their recent gains. Apple, Alphabet and Meta Platforms also ended the session in positive territory. Tesla shares slipped slightly, capping a volatile week for the electric vehicle maker.
The stock market will be closed Friday in observance of Independence Day.
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