US stocks rose to more records after a highly anticipated report on the job market bolstered Wall Street’s hopes that interest rates may soon get easier.
The S&P 500 climbed 0.5 per cent to set an all-time high for a third straight day following Thursday’s pause in trading for the Fourth of July holiday. The index has already set 34 records and climbed close to 17 per cent this year, which is only a little more than halfway done.The Dow Jones rose 67 points, or 0.2 per cent, while the Nasdaq composite added 0.9 per cent to its own record. The Australian sharemarket is set to edge lower, with futures pointing to a dip of 11 points, or 0.
The question is whether the economy can remain in this Goldilocks state of not too hot and not too cold, while the Federal Reserve times its next moves precisely. The hope is that the Fed will lower interest rates early and significantly enough to keep the economic slowdown from sliding into a recession, but not so much that it allows inflation to regain strength and take off again.
On Wall Street, gold miner Newmont rose 2.4 per cent for one of the larger gains in the S&P 500. It benefited from a rise in the price of gold, which usually strengthens when interest rates fall. It’s the flip side of when rates are rising and bonds are paying higher yields, which can pull investors away from gold because it pays its holders nothing.
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