US markets closed higher on encouraging data

02 Jun 2017 Evaluate

The US markets closed higher on Thursday, as a strong read on private-sector employment helped to bolster confidence in the economy ahead of Friday’s closely watched jobs report. President Donald Trump’s announcement that the US will withdraw from the Paris climate accord did not have a direct impact on stocks despite vocal opposition from high-profile corporate leaders. Federal Reserve Governor Jerome Powell said it would be appropriate for the US central bank to gradually raise interest rates if the economy performs as expected. He added that it might also be appropriate if the Fed begins reducing the size of its balance sheet this year. The Atlanta Federal Reserve’s GDP Now forecast model showed that the US economy is expected to grow at a 4.0 percent annualized pace in the second quarter based on the latest data on factory activity, construction and consumer spending released this week. The latest second-quarter gross domestic product estimate was faster than the 3.8 percent clip calculated on Tuesday.

On the economy front, private-sector hiring surged in May. Employers added a seasonally adjusted 253,000 during the month. That was a much stronger pace of hiring than the Econoday consensus, which had called for 170,000 jobs. Small businesses added 83,000 jobs in May, medium-sized businesses added 113,000, and large firms hired 57,000 workers. April’s job gains, originally reported as 177,000, were revised down to 174,000. US manufacturing continued to churn higher in May. The Institute for Supply Management said its manufacturing index edged up a 10th of a point to 54.9%. The subcomponents of the survey were generally stronger, with the new-orders component rising 2 points to 59.5%, while the prices component dropped 8 points to a reading of 60.5%.

The Dow Jones Industrial Average added 135.53 points or 0.65 percent to 21,144.18, Nasdaq was up 48.31 points or 0.78 percent to 6,246.83, while S&P 500 edged higher by 18.26 points or 0.76 percent to 2,430.06.

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