Wall Street hits record on robust June jobs data

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  • Nonfarm payrolls rise more than expected in June
  • S&P 500 longest streak of record closes since June 1997
  • Virgin Galactic jumps on announcing crewed flight plan
  • Didi drops as China to conduct cyber security probe
  • Dow up 0.44%, S&P 500 up 0.75%, Nasdaq down 0.81%

NEW YORK, July 2 (Reuters) – Wall Street scaled new highs on Friday, with the S&P closing up for a seventh straight day, after jobs data for June showed robust hiring yet persistent weakness in the labor market that will keep the Federal Reserve from raising interest rates any time soon.

The three major U.S. indices – the S&P, Dow and Nasdaq – closed at record highs. The streak was the longest run of consecutive record closes since June 1997, according to S&P Dow Jones Indices.

The Labor Department’s employment report showed nonfarm payrolls increased by 850,000 jobs last month, but the total is 6.8 million below its peak in February 2020. read more

The better-than-expected data was a tentative sign…

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