United States stocks close at fresh highs
- Author: Wendy Palmer Jun 03, 2017,
Jun 03, 2017, 2:11
The nonfarm payrolls report for May showed 135,000 jobs having been added to the US economy, according to the Labor Department. The S&P 500 and Nasdaq notched new intraday and closing records, while the Dow ended at its highest level ever.
The Dow Jones industrial average rose 60 points, or 0.3 percent, to 21,205. It will include hiring by all non-farm employers, and economists expect it to show growth of 176,000 jobs in May. Stock indexes remained at record highs. The yield on the 10-year Treasury fell to 2.15 percent.
The Dow Jones industrial average rose 59 points, or 0.2 percent, to 21,205. The Nasdaq composite rose 17, or 0.3 percent, to 6,216.
The U.S. government's more comprehensive report on jobs arrives on Friday. Fed fund futures are pricing in a 93.% probability of a rate hike this month, according to the CME FedWatch tool (http://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html).
Lululemon Athletica jumped 12.2% to $54.74 after the athletic apparel maker's quarterly profit beat estimates. Broadcom gained 8.5 percent on strong earnings.
The Russell 2000 is up 13.82 points, or 1 percent. The report comes ahead of the Federal Reserve's June meeting, where it is expected to raise interest rates. The euro fell to $1.1225 from $1.1246, and the British pound edged up to $1.2898 from $1.2892.
Separately, shares of oil and gas companies have weighed on major stock indexes so far this week, as USA -traded crude oil fell on investor skepticism that production cuts by the Organization of the Petroleum Exporting Countries and other major producers would make a dent in global crude stocks.
Benchmark U.S. crude oil rose 4 cents to settle at $48.36 per barrel. Tokyo's Nikkei 225 advanced 1.1 percent, Hong Kong's Hang Seng rose 0.5 percent, and South Korea's Kospi shed 0.1 percent.
Brent oil tumbled below $50, heading for a second straight week of losses, on worries that President Donald Trump's decision to abandon a climate pact could spark more crude drilling in the United States, worsening a global glut.