Slowing hiring sends yields, dollar lower
Traders James Riley, left, and Mark Muller work on the floor of the New York Stock Exchange, Friday, May 26, 2017. Credit: AP / Richard Drew
Stocks are closing at record highs, but a slowdown in hiring last month pushed the dollar lower and sent bond yields to their lowest level of the year.
The government said Friday that employers added 138,000 jobs in May.
Bond prices rose, sending yields lower. Investors tend to move money into bonds when the see signs of weakness in the economy. The yield on the 10-year Treasury fell to 2.15 percent.
Tech companies rose the most. Microsoft jumped 2.4 percent and Apple rose 1.5 percent. Broadcom gained 8.5 percent on strong earnings.
The Standard & Poor’s 500 index rose 9 points, or 0.4 percent, to 2,439.
The Dow Jones industrial average rose 60 points, or 0.3 percent, to 21,205. The Nasdaq composite climbed 59 points, or 0.9 percent, to 6,306.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
