- Title: Tech leads Wall Street higher
- Date: 2nd June 2017
- Summary: NEW YORK CITY, NEW YORK, UNITED STATES (JUNE 2, 2017) (REUTERS) (SOUNDBITE) (English) WELLS FARGO FUNDS MANAGEMENT CHIEF EQUITY STRATEGIST, JOHN MANLEY, SAYING: "It gives the reason to think perhaps the Fed is not going to be quite as aggressive in raising rates as before so there's a little good and a little bad in this. It was a dismal number, but it's not a disaster."
- Embargoed: 16th June 2017 21:23
- Keywords: Nasdaq Composite S&P 500 Dow Jones Industrial Average Federal Reserve to raise rates nonfarm payrolls increased stocks closed at record levels
- Location: NEW YORK CITY, NEW YORK, UNITED STATES
- City: NEW YORK CITY, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA0026JL6IKT
- Aspect Ratio: 16:9
- Story Text: U.S. stocks closed at record levels for a second consecutive session on Friday (June 2), as gains in technology and industrial stocks more than offset a lukewarm jobs report.
Nonfarm payrolls increased by 138,000 in May, well short of the 185,000 expected by economists. The prior two months were revised lower by 66,000 jobs than previously reported. Despite the disappointing data, market participants still largely anticipate the Federal Reserve to raise rates at its June 13-14 meeting, with traders expecting a 90.7-percent chance of a quarter-point hike, according to Thomson Reuters data.
The modest increase, however, could raise concerns about the economy's health after gross domestic product growth slowed in the first quarter and a string of softening data this week, including reports on housing and auto sales.
The Dow Jones Industrial Average rose 62.11 points, or 0.29 percent, to 21,206.29, the S&P 500 gained 9.01 points, or 0.37 percent, to 2,439.07 and the Nasdaq Composite added 58.97 points, or 0.94 percent, to 6,305.80.
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