US stocks extend record highs as investors digest surprisingly strong June jobs report

US record stocks highs investors
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US stocks extend record highs as investors digest surprisingly strong June jobs report

US stocks jumped higher Friday, aiming for a seventh straight day of record highs after the June jobs report indicated accelerating growth in the labor market of the world's largest economy which as it recovers from the coronavirus pandemic. All three of Wall Street's main benchmark indexes advanced, with the S&P 500 up after logging its sixth consecutive record-high close on Thursday. Ahead of the opening bell, the Labor Department reported the addition of 850,000 jobs to nonfarm payrolls last month. Economists had expected growth of 703,000 jobs, according to an Econoday estimate. The report showed a pickup in hiring in the leisure and hospitality industry, among others. That sector has been hit hard by the COVID-19 pandemic as bars, restaurants, and air travel were temporarily shut down to curb the spread of the virus. The data arrived before investors take a break on Monday as stock trading will be closed in observance of Independence Day. "We got some early fireworks in the jobs report as the numbers blew past expectations," said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, in a note Friday. "In the current environment, we remain positive of cyclical sectors such as financials and industrials,

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