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05/07/24
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Global Stocks at Record Highs
On Friday, stocks on Wall Street were higher after data showed U.S. job growth in June slowed to a still-healthy rate.
The Nasdaq Composite ticked up 0.3%, the S&P 500 rose as much as 0.11% before falling back to trade flat, and the Dow Jones Industrial Average gained 0.3%.
UK stocks and Sterling were also higher as the Labor Party in Britain won a landslide victory in the general election after the Conservatives ruled for 14 years.
The focus in Europe was moving from the British election to the second-round legislative election in France on Sunday.
French stocks have recovered after they were sharply sold off after last month’s unexpected election announcement. The euro has benefited from renewed speculation about U.S. rate cuts.
Trading was steady the day following the U.S. July 4 holiday and after the release of the U.S. non-farm payrolls report for June.
In June, U.S. job growth slowed to a still-healthy rate and the unemployment rate rose to 4.1%, increasing the likelihood that the Fed would be able to curb inflation without pushing the economy into recession.
MSCI’s global stock index hit a record high. It stayed close to there and was last 0.05% higher. European shares gained 0.3%, while Japan’s broader Topix and Nikkei also recorded record levels.
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