U.S. stocks rose on Thursday after fresh evidence of a strong labor market reinforced views of a resilient economy. The three major indexes rose about 0.5%, with the S&P 500 and Nasdaq hitting fresh records.
Nonfarm payrolls rose by 147,000 in June, well above expectations for a 110,000 gain, while the unemployment rate unexpectedly fell to 4.1%. The data brushed aside concerns that tariffs and economic uncertainty were hurting jobs, underscoring the resilience of the U.S. economy. In turn, lawmakers in the lower House of Representatives cleared a hurdle to be on track to pass Trump's tax and spending bill, which is seen as expansive for U.S. fiscal policy.
Also, reports showed trade negotiations stalled ahead of next week's deadline after confirmation of a 20% tariff on Vietnam. Cadence Design and Synopsys jumped 5% after the White House lifted controls on exports of chip designs to China. Additionally, Datadog jumped 10% when it was added to the S&P 500, replacing Juniper Networks.(alg)
Source: Trading Economics
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