Upbeat US Data Propel S&P, Nasdaq To Record Highs; Oil Steadies

Sterling slips on election fears downbeat China PMI weighs on stocks                 

     

     Kim Kyung Hoon

Sterling slips on election fears downbeat China PMI weighs on stocks Kim Kyung Hoon

Wall Street stocks finished at records again on Friday (Jun 2) after a lacklustre USA jobs report raised expectations the Federal Reserve could take a more gradual approach to increasing interest rates. The S&P 500 and Nasdaq also finished at all-time highs.

The Dow Jones Industrial Average gained 62.11 (+0.29 percent) to finish at 21,206.29.

The S&P 500 index hit an intraday record at 2,433.33, and was recently trading 2 points, or 0.1% higher at 2,432.

China's yuan strengthened beyond 6.8 per dollar for the first time since November 11 after the central bank pushed its reference rate, around which the spot rate can fluctuate, 0.8 percent higher. Turning to China, the Shanghai Composite managed just a 0.1% rise, as traders expressed ongoing concern about this week's disappointing manufacturing data.

"It's hard to ignore the the US economy added fewer jobs than expected and, more importantly, the number came in below the 12-month average of 181,000", said Sharon Stark, managing director of fixed income strategies at Incapital. Economists had expected 178,000 jobs in May. Average wages rose 0.2% to $26.22 an hour, in line with expectations.

Odds of a rate hike at the Fed's June 13-14 meeting stood at 93.5 percent, according to the CME Group's FedWatch tool.

The yield on the 10-year Treasury note (http://www.marketwatch.com/story/treasury-yields-decline-after-weaker-than-expected-jobs-report-2017-06-02) fell 4 basis points to 2.17% after the jobs report, declining below its 200-day moving average for the first time since October.

Energy blue-chips Exxon Mobil Corp (NYSE: XOM) and Chevron Corp (NYSE: CVX) fell 1.5% and 1.1%, respectively, after President Trump withdrew the United States from the Paris climate accord.

Economic data helped stocks reach new highs Thursday.

Wall Street's optimism spread across the globe Friday.

Among the day's biggest movers, Lululemon Athletica Inc. jumped almost 17% after it reported first-quarter results that beat expectations.

Individual stocks: Shares of Broadcom Limited (AVGO) jumped by 6% after reporting earnings.

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