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BUSINESS Friday 2 June 2017
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US stocks back at record highs after better jobs data

achieve, given continued pecting, but construction
economic growth and few spending unexpectedly
signs of a looming reces- weakened in April. A sepa-
sion. rate report showed that the
“What you have, it would number of workers filing for
appear, is an acceleration unemployment claims rose
in earnings with a low infla- last week, which could be
tionary environment, which an indication that layoffs
is Goldilocks,” Duessel said. are on the rise. The number
President Trump’s an- remains low by historical
nouncement late in the standards.
trading day that the U.S. The stock market’s gains
would withdraw from the were widespread, and all
worldwide agreement on 11 sectors that make up
climate change had little the S&P 500 rose. Health
effect on markets. care and financial stocks
Other reports on the U.S. led the way. Producers of
economy were mixed on raw materials and compa-
Thursday. Manufactur- nies that sell non-essentials
ing growth picked up last to consumers were also
month and was stronger particularly strong.q
than economists were ex-

Trader Kevin Lodewick, center, works on the floor of the New York Stock Exchange. A broad- US jobless claims rose to
based push higher for stocks sent indexes to records on Thursday following yet more signs that the
job market continues to improve.
(AP Photo/Richard Drew) 248K last week

By STAN CHOE Jones industrial average day. It will include hiring WASHINGTON (AP) — More Applications are a close
AP Business Writer gained 135.53, or 0.6 per- by all non-farm employers, people sought U.S. un- indication of layoffs. They
NEW YORK (AP) — A cent, to 21,144.18, and the and economists expect it employment benefits last have been below 300,000,
broad-based push higher Nasdaq composite rose to show growth of 176,000 week, the second straight a historically low figure, for
for stocks sent indexes to 48.31, or 0.8 percent, to jobs in May. week of increases, though 117 weeks. That’s the lon-
records on Thursday follow- 6,246.83. All three indexes The data gave yet more levels remain historically gest streak since 1970.
ing yet more signs that the set record highs. encouragement to inves- low. The number of people re-
job market continues to im- Smaller stocks had even tors, many of whom were Applications for weekly ceiving aid rose 3,244 to
prove. bigger gains, and the already looking to buy. unemployment aid rose 1.8 million, compared with
The Standard & Poor’s small-cap Russell 200 index “The market’s ahead of it- 13,000 to 248,000. The four- 2 million in the same week
500 index pierced the jumped 25.85, or 1.9 per- self, but I’m not surprised week average, a less vol- last year. The figure has fall-
2,420-point level for the first cent, to 1,396.06, though it that the market is ahead of atile figure, rose 2,500 to en 10 percent in the past
time during the morning remains shy of its record. itself,” said Linda Duessel, 238,000. year.q
and kept going. It ended Driving stocks higher was senior equity strategist at
at 2,430.06, up 18.26 points, a report indicating that Federated Investors.
or 0.8 percent. The Dow employers picked up their Duessel talks often around
hiring last month. Payroll the country with financial
processor ADP said private advisers managing money
businesses added 253,000 for clients, and many tell
jobs in May, more than her they see any pullback
economists expected. It’s in stock prices as a quick
a reassurance, particularly opportunity to buy rather
when growth of the over- than as a source of con-
all economy has remained cern. That hunger to buy
frustratingly tepid. means the S&P 500 has
The U.S. government’s gained within just months
more comprehensive re- what Duessel thought
port on jobs arrives on Fri- may take a year or so to