Nasdaq, S & P 500 hit record high on bets over US June jobs

Blue chip and key technology stocks on Wall Street hit record highs on Monday as investors bet on outsized US jobs gains for June even as falling oil prices dragged down the broader stock market.

The S & P 500 index, which groups the top 500 stocks on the New York Stock Exchange, raced to an all-time high of 4,292 before closing at 4,290, up 0.2 percent on the day.

The Nasdaq Composite index, which includes high-flying tech stocks such as Facebook, Amazon, Apple, Microsoft, Netflix and Google, hit an all-time high of 14,505, before settling at 14,500, up almost 1.0 percent.

However, the Dow Jones Industrial Average, the broadest US equity barometer on the New York Stock Exchange, fell on the day and finished down 0.4 percent at 34,283.

The S & P500 and Nasdaq jumped as investors bet that the US non-farm payrolls report for June, due on Friday, are expected to show a gain of 690,000 jobs versus May’s 559,000.

The Dow fell as oil prices had their first meaningful drop in a week on uncertainty over output hikes that producer group OPEC+ could agree to at its monthly meeting on Thursday.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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