- Title: Wall Street hits record on robust June jobs
- Date: 2nd July 2021
- Summary: DENVILLE, NEW JERSEY, UNITED STATES (JULY 2, 2021) (REUTERS) (SOUNDBITE) (English) CHIEF INVESTMENT OFFICER AT HENNION & WALSH ASSET MANAGEMENT, KEVIN MAHN, SAYING: "Again, it's that value-to-growth rotation that we saw during the second quarter, which reversed the growth-to-value rotation that we saw during the first quarter of this year. Now it appears as though investors are more comfortable that the Fed is likely not to do anything, at least for the remainder of this year. And growth is back en vogue. So some of those technology stocks that were lagging thus far this year become that much more attractive. I do think, though, there's still a home for value in client portfolios, especially dividend paying stocks, which are generally more value-oriented. And when this infrastructure bill is passed, you'll see those value-oriented sectors start to return to prominence again as well." WHITE FLASH (SOUNDBITE) (English) CHIEF INVESTMENT OFFICER AT HENNION & WALSH ASSET MANAGEMENT, KEVIN MAHN, SAYING: "I believe that stubborn labor participation rate and the high number of Americans that are not actively seeking employment is going to cause the Fed to wait a little bit longer before they start to consider raising interest rates. So in all likelihood, we're going to have record-low interest rates not only for the remainder of this year, but the remainder of 2022 as well."
- Embargoed: 16th July 2021 21:10
- Keywords: COVID-19 Dow Jones Nasdaq S&P 500 Wall Street coronavirus equities index indices markets shares stocks trading vaccine
- Location: NEW YORK, NEW YORK + DENVILLE, NEW JERSEY, UNITED STATES
- City: NEW YORK, NEW YORK + DENVILLE, NEW JERSEY, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets,United States
- Reuters ID: LVA002EK5G4LJ
- Aspect Ratio: 16:9
- Story Text: Wall Street scaled new highs on Friday (July 2), with the S&P closing up for a seventh straight day, after jobs data for June showed robust hiring yet persistent weakness in the labor market that will keep the Federal Reserve from raising interest rates any time soon.
The S&P, Dow and Nasdaq hit records.
The Dow Jones Industrial Average rose 152.82 points, or 0.44%, to 34,786.35, the S&P 500 gained 32.4 points, or 0.75%, to 4,352.34 and the Nasdaq Composite added 116.95 points, or 0.81%, to 14,639.33.
For the week, the S&P rose 1.7%, the Dow added 1.0%, the nasdaq gained 1.9%.
(Production: Hyeongmi Kim, Fred Katayama, Aleksandra Michalska)
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