AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Markets

Nasdaq again closes at record, Dow +0.4%

  • The Dow Jones Industrial Average gained 0.4 percent to close at 25,827.36, and the broader S&P 500 climbed 0.5 percent to end the week at 3,130.01.
Published July 3, 2020

NEW YORK: Wall Street shrugged off surging coronavirus cases to end a shortened trading week with gains Thursday, fueled by an unexpectedly healthy US jobs report that bolstered hopes the economy is recovering.

The Dow Jones Industrial Average gained 0.4 percent to close at 25,827.36, and the broader S&P 500 climbed 0.5 percent to end the week at 3,130.01.

Meanwhile, the tech-rich Nasdaq posted another record after climbing 0.5 percent to close at 10,207.63.

Investors were cheered by the Labor Department report showing US employers brought 4.8 million people back to work last month, which cut the unemployment rate by two points to 11.1 percent -- a better-than-expected result even if the jobless rate remains the highest in decades.

That sent the stock indices spiking at the open, though gains were pared back by the close ahead of the Independence Day holiday.

"Today's report shows that conditions are improving on Main Street, not just on Wall Street," Adam Sarhan, founder of 50 Park Investments, told AFP.

However, much of market gains, which are in contrast to the unsteady economy, are due to huge infusions of liquidity offered by central banks globally, including the Federal Reserve, Sarhan said.

Stimulus packages like the $2.2 trillion CARES Act passed by the US Congress in mid-March also are helping to blunt the coronavirus downturn.

Treasury Secretary Steven Mnuchin said Thursday while he will not be satisfied until all the jobs lost during the pandemic are restored, he aims to have another stimulus package by the end of July.

The Treasury also announced it had agreed to loan terms under the CARES Act with five airlines.

But American Airlines, one of the borrowers, sunk 2.4 percent by the close. Plane maker Boeing was a better performer with a 0.3 percent gain after air safety regulators on Wednesday completed test flights on the grounded 737 MAX.

Comments

Comments are closed.