Traders on the floor of the New York Stock Exchange. Picture: REUTERS
The S&P 500 extended its weekly gain as a government report showed payrolls rose by 4.8-million in June after an upwardly revised 2.7-million gain in the prior month. The unemployment rate fell to 11.1%. Economic-sensitive companies, such as retailers and airlines, jumped. Tesla surged after reporting deliveries that beat the average analyst estimate.
US daily cases topped 50,000 for the first time with increases in major states including Florida, Texas and California. Huge monetary and fiscal policy stimulus helped lower borrowing costs and kept the financial system liquid in a time of stress, while propelling the stock market higher.
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