Equities Close on Cusp of Record After Hiring Data: Markets Wrap
- Employers added 559,000 jobs in May, below estimates
- S&P 500, Dow Industrials end session just below all-time highs
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U.S. equities climbed to within a whisker of their all-time highs after a pickup in hiring last month bolstered confidence in the economy, while a strong rise in hourly wages added to inflation worries.
Information-technology stocks rose the most in the S&P 500, with the index ending Friday’s session less than 3 points below its May 7 closing record after employers added 559,000 jobs last month, just below the average forecast. The Nasdaq 100 rallied the most in two weeks, driven by gains in megacaps including Microsoft Corp. and Apple Inc.