Friday 3 July 2020

US jobs jump but so do COVID-19 cases

Markets rose on Thursday.

The S&P 500 rose 0.5 percent, the STOXX Europe 600 surged 2.0 percent and the Shanghai Composite jumped 2.1 percent.

Markets were buoyed by a report showing that the US economy added back 4.8 million jobs in June.

However, the continuing rise in COVID-19 cases tempered gains.

“Of course, we now know that reopening plans have been changed, with many states and cities reversing course,” said Katie Nixon, chief investment officer at Northern Trust Wealth Management.

A Reuters tally put the number of new US COVID-19 cases on Thursday at 55,000, the largest daily increase any country has ever reported.

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