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United States jobs data lifts Wall Street as tech, financials advance

08 Juillet 2017

Wall Street stocks closed on a high note Friday, with the S&P 500 index posting its best gain in six sessions on the heels of a USA payrolls report that gave investors more confidence in the strength of the US economy.

As per the data showed by the Labor Department, Non-farm payrolls raised by 222,000 jobs last month, which has beaten the economists' expectations for a 179,000 gain.

Average hourly earnings increased 0.2 per cent in June after gaining 0.1 percent in May.

While the unemployment rate rose to 4.4 per cent from a 16-year low of 4.3 percent, that was because more people were looking for work, a sign of confidence in the labor market.

"The topline number is quite strong".

The Dow Jones Industrial Average rose 102.64 points, or 0.48 percent, to 21,422.68, the S&P 500 gained 16.69 points, or 0.69 percent, to 2,426.44 and the Nasdaq Composite added 69.40 points, or 1.14 percent, to 6,158.86.

Investors are focused on wage growth and whether spending by consumers will be strong enough to back the Fed's rate hike plans.

Perceived chances of a rate hike at the US central bank's December meeting stood at 48.9 percent, according to Thomson Reuters data.

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Policymakers have taken opposing views on inflation after it retreated below the central bank's 2 per cent target in May, creating uncertainty over the future path of rate hikes.

Despite slumping almost 3 percent last week, the tech sector is up more than 17 percent on the year, tops among the 11 major S&P groups.

With the Fed now expected to remain on track for a rate hike later this year financials, up 0.56 percent, also advanced as they benefit from a steepening of the yield curve.

Shares of Bank of America, JPMorgan and Citigroup were flat after having risen about 0.8 percent in early trading.

Oil fell more than 2 per cent after data showed US production rose last week just as OPEC exports hit a 2017 high.

USA stocks ended sharply lower on Thursday due to a steep fall in technology stocks and a disappointing private sector hiring report.

Tesla rose 0.3 per cent after the luxury electric carmaker won an Australian contract to install the world's biggest grid-scale battery. Tesla's shares have fallen about 15 per cent this week following the company's lower-than-expected deliveries.

Advancing issues outnumbered decliners on the NYSE by 1,495 to 1,209. On the Nasdaq, 1,366 issues rose and 676 fell.

United States jobs data lifts Wall Street as tech, financials advance