Wall Street Hits Record Highs as Strong Jobs Data Lifts Sentiment
The S&P 500 and Nasdaq reached fresh record highs on Thursday afternoon, as a stronger-than-expected US jobs report eased recession fears and reinforced confidence in the economy, despite ongoing concerns over Donald Trump’s proposed tariff policies.
Global stock markets surged on Thursday following a stronger-than-expected US jobs report, with tech heavyweight Nvidia now within striking distance of a historic $4 trillion market valuation.
The semiconductor giant is now less than $100 billion away from becoming the first company to reach a $4 trillion (£2.9 trillion) valuation and solidify its position among the most valuable companies in history.
The latest labour data showed non-farm payrolls rose by 147,000 in June, following a 144,000 gain in May. Meanwhile, the unemployment rate unexpectedly dipped to 4.1%, defying forecasts for an increase to 4.3%.
“We were all expecting the hard data would start to show some cracks, and we really haven’t seen that with the jobs report coming in much better than expected,” said Brian Klimke, chief market strategist at Cetera Investment Management. “That just puts the Fed on pause and gives it more time to wait right now because the labour market is really resilient.”
