- Title: S&P 500 closes at record high as Wall St notches fifth straight quarterly gain
- Date: 30th June 2021
- Summary: RYE, NEW YORK, UNITED STATES (JUNE 30, 2021) (REUTERS VIA SKYPE) (SOUNDBITE) (English) DEPUTY CHIEF INVESTMENT OFFICER AT RICHARD BERNSTEIN ADVISORS, DAN SUZUKI, SAYING: "The ADP's come in a lot hotter than the actual payroll report. So when you consider that, it probably wasn't much of a factor. I think the market will have a pretty keen eye on tomorrow's report. And I think that's a function of two things. One, people are less and less focused on the day to day COVID news and the COVID numbers, and so they actually care about economic data and financial data. But I think more importantly, people are so keyed in on the Fed and the Fed is in turn so keyed in on employment. They typically have a dual mandate of employment and inflation, but it seems to me, the last six months has really been about employment. So those numbers, I think the two key numbers that people should be looking at in the report are, one, the overall headline number to get a sense as to how fast employment's coming back, and then also, the sense of median wages, not necessarily the headline because there are some pandemic distortions, but as underlying wage growth, is that picking up faster than the Fed expects. I think those are probably the two keys."
- Embargoed: 14th July 2021 21:18
- Keywords: ADP National Employment Report U.S. private payrolls Wall Street jobs reopening stocks workers
- Location: NEW YORK, AND RYE, NEW YORK, UNITED STATES
- City: NEW YORK, AND RYE, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets,United States
- Reuters ID: LVA003EJLEYPZ
- Aspect Ratio: 16:9
- Story Text: The S&P 500 eked out its fifth straight record closing high on Wednesday (June 30) as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday's (July 2) highly anticipated employment report.
In the last session of 2021's first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.
All three indexes posted their fifth consecutive quarterly gains, and the S&P 500 registered its second-best first-half performance since 1998, rising 14.4%.
For the month, the bellwether S&P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak. The Nasdaq also gained ground in June.
This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.
The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department's more comprehensive employment report due on Friday.
The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&P 500 gained 5.70 points, or 0.13%, to 4,297.50 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.
(Production: Brendan McDermid, Fred Katayama, Roselle Chen)
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