Stock market today: Asian stocks mostly fall, Euro drop on French election outcome

FILE - The New York Stock Exchange is seen on Wednesday, July 3, 2024, in New York. Shares advanced Friday, July 5, 2024, in Europe after Britain’s Labour Party prevailed over the Conservatives in this week’s national election. FILE - A person walks past at an electronic stock board showing financial indexes including Japan’s Nikkei 225 index, green, at a securities firm in Tokyo, June 27, 2024. Asian shares were mostly lower on Friday, July 5, after solid gains in Europe overnight, while U.S.

On Friday, the S&P 500 climbed 0.5% to 5,567.19, setting an all-time high for a third straight day following Thursday’s pause in trading for the Fourth of July holiday. The index has already set 34 records and climbed close to 17% this year, which is only a little more than halfway done. The action was more decisive in the bond market, where Treasury yields sank following the U.S. jobs report. Employers hired more workers last month than economists expected, but the number was still a slowdown from May’s hiring. Plus, the unemployment rate unexpectedly ticked higher, growth for workers’ wages slowed and the U.S. government said hiring in earlier months was lower than previously indicated.

The question is whether the economy can remain in this Goldilocks state of not too hot and not too cold, while the Federal Reserve times its next moves precisely. The hope is that the Fed will lower interest rates early and significantly enough to keep the economic slowdown from sliding into a recession, but not so much that it allows inflation to regain strength and take off again.

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