The Dow Jones Industrial Average bolted
above 17,000 points for the first time in intraday trade today after
data showed the US had surprisingly strong jobs growth in June. About
40 minutes into trade, the Dow stood at 17,050.80, up 74.56 points (0.44
per cent), while the S&P 500 gained 7.01 (0.36 per cent) to
1,981.63. Both the Dow and S&P 500 closed at records for the second
day in a row yesterday. The tech-rich Nasdaq Composite Index added
16.37 (0.37 per cent) at 4,474.10. The Labour Department reported the
unemployment rate fell to 6.1 per cent in June as the economy added
288,000 jobs; jobs growth figures were revised upward for the two
previous months. Briefing.com analyst Patrick O'Hare said the jobs
report had "encouraging" elements, even as there were still some points
of concern, such as the large number of people working part-time for
economic reasons. O'Hare said some equity investors are anxious the
strong headline numbers in the labour report "could stir the Fed to
raise the fed funds rate a bit sooner than expected." The yield on the
10-year US Treasury bond jumped to 2.68 per cent today from 2.63 per
cent yesterday, suggesting bond investors share that view. The 30-year
yield climbed to 3.50 per cent from 3.47 per cent. Bond yields and
prices move inversely. In other economic news today, the European
Central Bank, as expected, held its benchmark interest rates unchanged.
The Commerce Department reported that the US trade deficit fell to USD
44.4 billion in May, a bigger decline than analysts expected. Banking
stocks were winners in early trade with Bank of America (+1.8 per cent),
Citigroup (+1.2 per cent) and Dow component JPMorgan Chase (+0.7 per
cent) all gaining. Yoga attire maker Lululemon advanced 4.0 per cent
after the Wall Street Journal reported that founder Dennis "Chip" Wilson
was reaching out to private-equity firms with an eye toward taking the
company private. Retailer PetSmart jumped 12.5 per cent as activist
investor Jana Partners disclosed a 9.9 per cent stake in the company.
Jana said it was exploring "strategic alternatives," including a
possible sale of the company, according to a securities filing.
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