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Wall Street rises toward the finish of its best week in 2 months
AP News • • business
Key Points:
- U.S. stocks mostly rose Thursday after weaker-than-expected job growth in May eased concerns about aggressive Federal Reserve interest rate hikes, with the S&P 500 gaining 0.3% and the Dow Jones up 0.9%.
- The U.S. economy added 57,000 jobs in May, below the 100,000 expected, suggesting slower hiring that could reduce inflationary pressure and lessen the Fed's urgency to raise rates.
- Treasury yields fell following the jobs report, with the two-year yield dropping and traders increasing the probability that the Fed will pause rate hikes at its upcoming meeting.
- Chip stocks declined amid concerns that AI-driven demand may not translate into sustained profit growth, while crypto-related stocks and companies like National Beverage saw gains.
- International markets were mixed, with sharp declines in Asian indexes driven by chip stock losses, while European markets, notably France’s CAC 40, showed gains.
