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Strong job report sends S&P near record high

Friday, July 08, 2016 - 01:16

Stocks rallied in reaction to the strong jobs report which was a relief after the disappointing May data. Bobbi Rebell reports.

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Wall Street celebrated a better-than-expected June jobs report with a Friday rally. The S&P 500 hitting an intraday record high. All three major indexes moved higher for the week as well. U.S, equities have regained all of their post-Brexit losses. U.S. Bank Senior Portfolio Manager Eric Wiegand: (SOUNDBITE) ERIC WIEGAND, SENIOR PORTFOLIO MANAGER, U.S. BANK, (ENGLISH) SAYING: "Getting this back on track and demonstrating that the U.S. economy still remains in a steady growth environment and trajectory is certainty encouraging for investors." The U.S. economy added 287,000 new jobs last month. While the unemployment rate rose to 4.9 percent, that was in part because new confidence in the economy has people returning to the workforce. Finanical stocks like JPMorgan and Wells Fargo drove stocks higher since banks would benefit form a rate hike, considered more likely after the strong jobs report. Twitter is expanding its entry into the sports world. According to Recode the social network is in talks with the NBA, the National Soccer league and Turner to stream sports. It already has a deal with the NFL. In Europe stocks also posted gains ending the week on a positive note.

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Strong job report sends S&P near record high

Friday, July 08, 2016 - 01:16

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