A broad rally swept Wall Street Thursday, and the Nasdaq hit an all-time high. A record increase in monthly jobs stoked the buying of badly beaten cyclical shares.
The Nasdaq and S&P 500 added about a half percent. The Dow rose a third of a percent.
In a holiday shortened trading week, the three indexes posted solid gains.
As for the economy, the United States added 4.8 million jobs in June and the unemployment rate fell. But the survey was taken before many states paused or rolled back plans to reopen businesses.
Winthrop Capital Management chief investment officer, Greg Hahn, liked the jobs report but fears another wave of layoffs in the fall.
“We love the number. We think this is positive. But we got trouble coming in the third quarter, and that’s what I’m worried about.”
Tesla shares continued on a tear. The electric vehicle maker crushed Wall Street’s estimates with its quarterly deliveries at a time when rivals are reporting sales declines.
Investors went shopping for shares of Coty after the cosmetics maker named former L’Oreal executive Sue Nabi as its CEO.