Stocks rose across the board on Friday after the jobs report from the Bureau of Labour Statistics showed continued strength in the labour market.
All three major averages opened higher and moved a bit higher over the course of the day. The S&P 500 and Nasdaq both eclipsed their all-time highs, while the Dow fell short of that mark.
The increase, however, was still not enough to break the record streak of now 17 straight days without a move in the S&P 500 of 1% in either direction.
There’s a whole lot to unpack from the day in markets and business news, but first, the scoreboard:
- Dow: 18,535.38 (+183.33, +1.00%)
- S&P 500: 2,181.85 (+17.60, +0.81%)
- Nasdaq: 5,220.10 (+53.85, +1.04%)
- WTI Crude oil: $41.88 (-0.05, -0.12%)
- 10-year Treasury yield: 1.582 (+0.079, +5.26%)
- The jobs report crushed expectations. The US economy added 255,000 jobs in July, well above the 180,000 projected by economists.
- Wage growth hit a post-recession high. Average hourly earnings jumped 2.6% year-over-year in July, matching the post-Great Recession high set in June.
- The labour force participation rate improved. The percentage of American adults in the labour force 62.8%, a 0.1% increase from June.
- The jobs report proves America is running out of people to hire. The unemployment rate for people without a high school degree dropped by 1.2% from June to just 6.3%. This shows that American businesses are trying to find workers anywhere and that there is little slack left in the labour market.
- Bristol-Myers Squibb stock got rocked after a failed drug trial. Opdivo, a drug designed to treat cancer, failed clinical trials, the British drugmaker announced. in reaction to the news, the stock fell by just over 16%.
- The oil rig count rose for the sixth straight week. The Baker Hughes count jumped by seven to 381. Combined oil and gas rigs increased by one to 464.
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