Saturday, 9 July 2016

Stocks and bonds rise after strong jobs gain

Stocks were mostly up on Friday.

The S&P 500 rose 1.5 percent. It briefly rose above its record closing level in intraday trading after being boosted by a report that US nonfarm payrolls rose by 287,000 in June, the biggest increase since October.

Elsewhere, the STOXX Europe 600 jumped 1.6 percent but the Nikkei 225 fell 1.1 percent.

Despite the strong employment report, US Treasuries also gained, with the 10-year yield falling to a record low of 1.366 percent.

“The economy is chugging along, creating some jobs, but the Fed is still unlikely to do anything for a while,” said Erik Davidson, chief investment officer at Wells Fargo Private Bank.

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