Dow, S&P 500 hit record highs after strong jobs report
June was revised up, as well, to just under 1 million. Even conservatives have to be happy about this progress.
Friday’s jobs report showed that the U.S. economy added 943,000 jobs in July, according to the Labor Department. Economists expected the economy to have added 845,000 jobs last month, according to estimates from Dow Jones. The unemployment rate dropped to 5.4%, below the estimate of 5.7%.
Bank shares led the gains post-jobs report as rates shot higher, increasing their profitability prospects. Shares of JPMorgan rose more than 2%, while Bank of America and Wells Fargo climbed more than 3%. Industrials, retailers and energy stocks also gained as the jobs report soothed concerns about the economic comeback.
June was revised up, as well, to just under 1 million. Even conservatives have to be happy about this progress.
Friday’s jobs report showed that the U.S. economy added 943,000 jobs in July, according to the Labor Department. Economists expected the economy to have added 845,000 jobs last month, according to estimates from Dow Jones. The unemployment rate dropped to 5.4%, below the estimate of 5.7%.
Bank shares led the gains post-jobs report as rates shot higher, increasing their profitability prospects. Shares of JPMorgan rose more than 2%, while Bank of America and Wells Fargo climbed more than 3%. Industrials, retailers and energy stocks also gained as the jobs report soothed concerns about the economic comeback.