STOCKS TICK UP TO RECORD HIGHS: Here's what you need to know

Stocks ticked up to record highs on Thursday.

All three major indices finished up in the green, with the S&P 500 and the Nasdaq touching record highs.

First up, the scoreboard:

  • Dow: 21,109.96, +101.31, (+0.48%)
  • S&P 500: 2,424.66, +13.03, (+0.54%)
  • Nasdaq: 6,232.76, +34.21, (+0.55%)
  • US 1o-year yield: 2.217%, +0.019
  • WTI crude: $US48.06, -0.26, (-0.56%)

1. Friday is jobs day. The Bureau of Labour Statistics on Friday will release its report on America’s employment situation in May. “I don’t expect many shocks and negative surprises,” Frank Friedman, the chief operating officer at Deloitte, told Business Insider.

2. Meanwhile, ADP payrolls surged more than expected. US private payrolls jumped by 253,000 in May, according to the monthly report from ADP Research Institute. Economists had forecast 180,000 jobs, according to Bloomberg.

3. S&P cut Illinois’ debt rating and warns it’s at risk of entering a “negative credit spiral.” S&P lowered the state’s general obligation bonds one notch from ‘BBB-‘ to ‘BB+’ while cutting state appropriation bonds from ‘BB’ to ‘BB-.’

4. Trump announced he will pull the US out of the landmark Paris climate agreement. While the decision should galvanize his base, it goes against what some of the largest American companies — and many in the rest of the world — were hoping for.

5. Trump’s budget chief says the day of the CBO has come and gone after devastating score of GOP healthcare bill. Mick Mulvaney called the CBO’s devastating score of the GOP healthcare bill “absurd” during an interview with the Washington Examiner on Wednesday, and suggested the time of the CBO as a nonpartisan analyser of legislation may be over.

6. Bitcoin took off after China’s biggest exchanges allowed withdrawals. The cryptocurrency traded up 4.1% at $US2,407 a coin following news that China’s three largest bitcoin exchanges are allowing customers to withdraw bitcoins from their accounts.

7. Initial jobless claims jumped more than expected. Initial claims for state unemployment benefits jumped 13,000 to a seasonally adjusted 248,000 for the week ended May 27, the Labour Department said on Thursday.

ADDITIONALLY:

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Big money managers are squeezing smaller ones at the worst possible time.

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Millennials are still spooked by the 2008 financial crisis.

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