NEW YORK, July 1 — The S&P 500 index kicked off the second half of the year at a record high today, as data showed fewer-than-expected weekly jobless claims and energy stocks were supported by a spike in oil prices.
“This morning’s beat on jobless claims is a real bright spot,” said Cliff Hodge, chief investment officer at Cornerstone Wealth. With the S&P 500 and the Nasdaq hitting a series of record highs last month, investors are razor-focused on tomorrow’s nonfarm payrolls report, where a strong reading could force the US Federal Reserve to rethink its accommodative stance.
At 10:09am ET, the Dow Jones Industrial Average was up 85.82 points, or 0.25 per cent, at 34,588.33, the S&P 500 was up 13.06 points, or 0.30 per cent, at 4,310.56, and the Nasdaq Composite was up 8.40 points, or 0.06 per cent, at 14,512.35. Micron Technology Inc slumped 4.5 per cent even as the chipmaker beat estimates for quarterly profit and forecast fourth-quarter revenue above expectations.