Stocks rose on Friday on the back of stronger-than-expected employment data. Investors also shrugged off concerns over an escalating trade war between the U.S. and China.
The Dow Jones Industrial Average jumped 99.74 points to 24,456.48, with Apple and Microsoft outperforming. The S&P 500 closed 0.8 percent higher at 2,759.82, with health care rising 1.5 percent. The Nasdaq composite climbed 1.3 percent to 7,688.39 as the iShares Nasdaq Biotechnology ETF (IBB) surged 3.8 percent. Facebook rose to an all-time high, also boosting the Nasdaq.
The U.S. economy added 213,000 jobs in June, while economists polled by Reuters expected a gain of 195,000.
WEDNESDAY – Stocks rose on Wednesday, boosted by dealmaking activity and potentially improving trade relations between the U.S. and the European Union.
The Nasdaq composite rose 1 percent and hit an all-time high, led by Facebook and Netflix, which also reached record levels. The S&P 500 gained 0.4 percent, with technology stocks outperforming.
The Dow Jones industrial average, meanwhile, rose 10 points as it tired to snap its longest losing streak since March 2017.
Disney raised its bid for Twenty-First Century Fox assets to $38 per share, or $71.3 billion, surpassing an offer made by rival and NBCUniversal parent Comcast. Last week, Comcast bid $65 billion in cash for Fox assets which include FX, Star TV and stakes in Sky.
The bid sent Fox shares higher by 7.3 percent.
Stocks fell on Tuesday as trade tensions between the U.S. and China intensified. The Dow led the way lower, sliding nearly 300 points and erasing its gains for 2018.
Small cap and penny stock index Russell 2000 also jumped higher Wednesday.