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U.S. stocks close at record high after jobs data

NEW YORK
2017-06-03 06:50

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U.S. stocks rose to record levels on Friday as investors were digesting the latest jobs data from the country.

The Dow Jones Industrial Average was up 62.11 points, or 0.29 percent, to 21,206.29. The S&P 500 gained 9.01 points, or 0.37 percent, to 2,439.07.

The Nasdaq Composite Index added 58.97 points, or 0.94 percent, to 6,305.80.

U.S. Labor Department said on Friday that total nonfarm payroll employment increased by 138,000 in May, compared with an average monthly gain of 181,000 over the prior 12 months. The latest reading was well below market consensus of a 185,000-gain.

Wages also grew less than expected, with average hourly earnings rising at a 2.5 percent annualized rate, the report said.

The unemployment rate, however, was little changed at 4.3 percent.

The nonfarm payroll report was closely-watched by investors as it is one of the last major data sets released before the Federal Reserve holds its June monetary policy meeting.

Market expectations for a rate hike in June were near 94 percent, according to the CME Group's FedWatch tool.

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