Market Wrap: Stocks, Bonds, Commodities
On Thursday, the S&P 500 closed at a record-high level for a second consecutive session, as it gained 51 points (+0.83%) to 6,279.
The Nasdaq 100 rose 225 points (+0.99%) to 22,866, also a record level, and the Dow Jones Industrial Average was up 344 points (+0.77%) to 44,828.
The closely-watched U.S. official jobs data came out stronger than expected, with the number of non-farm payrolls increasing by 147,000 in June (vs +100,000 expected, +144,000 in May) and the jobless rate falling to 4.1%.
The 10-year Treasury yield rallied 5.3 basis points to 4.346%.
Meanwhile, the U.S. House of Representatives passed President Donald Trump’s massive tax-and-spending bill, helping him to score a major political victory.
Nvidia (NVDA) closed 1.33% higher at a record level of 159.34 dollars.
Microsoft (MSFT) gained 1.58%, Intel (INTC) added 2.79%, and Palantir (PLTR) was up 1.70%.
TripAdvisor (TRIP) jumped 16.74% following a Wall Street Journal report that activist investor Starboard Value has built a stake of over 9% in the online travel agency.
U.S. markets will be closed on Friday for the Independence Day holiday.
European stocks were higher at close, with the DAX 40 rising 0.61%, the CAC 40 up 0.21%, and the FTSE 100 up 0.55%.
U.S. WTI crude futures eased 45 cents to 67.00 dollars a barrel.
Gold price retreated 31 dollars to 3,326 dollars an ounce, halting a three-session rebound.
Market Wrap: Forex
The U.S. dollar strengthened against other major currencies, as strong jobs data made investors expect the Federal Reserve to take longer to cut interest rates. The dollar index rose to 97.19.
EUR/USD declined 48 pips to 1.1750.
USD/JPY jumped 132 pips to 144.99, and USD/CHF advanced 36 pips to 0.7955.
GBP/USD added 6 pips to 1.3642.
USD/CAD slipped 22 pips to 1.3563.
Bitcoin saw momentum build up, as it once struck the key level of 110,000 dollars during the session.
Source: Trading Central Economic Insight