- Title: Wall Street closes higher after biggest payrolls jump on record
- Date: 2nd July 2020
- Summary: INDIANAPOLIS, INDIANA, UNITED STATES (JULY 2, 2020) (REUTERS VIA ZOOM) (SOUNDBITE) (English) WINTHROP CAPITAL MANAGEMENT CHIEF INVESTMENT OFFICER, GREG HAHN, SAYING: "We've got a long recovery in front of us. This is a positive step. So putting four million jobs, people back into work is great. We still have another 11 million to go. I think it's still a big number."
- Embargoed: 16th July 2020 21:10
- Keywords: Greg Hahn economy jobless claims jobs unemployment
- Location: NEW YORK, NEW YORK + INDIANAPOLIS, INDIANA, UNITED STATES
- City: NEW YORK, NEW YORK + INDIANAPOLIS, INDIANA, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA002CL4AUFH
- Aspect Ratio: 16:9
- Story Text: Wall Street closed higher and the Nasdaq reached an all-time closing high on Thursday (July 2) as investors headed into their long holiday weekend buoyed by a record surge in payrolls, which provided assurance that the U.S. economic recovery was well under way.
All three major U.S. stock averages advanced, with the benchmark S&P 500 posting its fourth straight daily gain.
Massive stimulus and hopes for a speedy economic rebound have returned the S&P 500 and the Nasdaq to about 7% and 12% below their record highs reached in February.
The indexes registered strong gains for the week.
The U.S. economy added 4.8 million jobs in June according to the Labor Department, 1.8 million more than analysts expected, setting a second consecutive record.
Massive rehiring sent the unemployment rate down to 11.1%.
Still, even with May and June's consecutive record payroll gains, the labor market has still recovered only a fraction of the 22 million jobs lost in the March-April plunge.
The recovery of the U.S. economy, now in its sixth month of recession, could stall as new cases of COVID-19 hit record levels and several states hit hardest by the resurgence halted or reversed plans to reopen their economies.
(Production by Fred Katayama, Hyeongmi Kim and Angela Moore)
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