Global stock market rally lifts FTSE 100 to new high

The May jobs report was a bit of a disappointment

US stock-market indexes hit intraday records in early Friday trade, though gains were limited after a weaker-than-expected May jobs report that undermined confidence in the economy.

The Institute for Supply Management said its barometer of USA factory activity edged up to 54.9 last month from 54.8 in April, while ADP reported private payrolls grew by 253,000 last month, beating analysts' median forecast of a 185,000 increase. The WSJ Dollar Index rose 0.2% while 10-year Treasury yields edged up to 2.217% from 2.198% Wednesday.

ADP said Thursday that private companies added 253,000 jobs last month, which was more than investors expected.

China's yuan strengthened beyond 6.8 per dollar for the first time since November 11 after the central bank pushed its reference rate, around which the spot rate can fluctuate, 0.8 percent higher.

Nine of the 11 major S&P sectors were higher, with the industrials index's 0.35% rise leading the advancers.

The Dow Jones industrial average traded about 25 points higher and reached its first intraday record since March 1, with 3M contributing the most gains. The technology-heavy Nasdaq Composite was the best performer in percentage terms, adding 0.9% to 6,305.80. All three indexes set record highs.

Stocks added to gains on Friday on faith the Federal Reserve will move ahead with a rate hike this month even after a weaker-than-expected May jobs report. Tokyo's Nikkei 225 advanced 1.1 percent, Hong Kong's Hang Seng rose 0.5 percent, and South Korea's Kospi shed 0.1 percent.

The Dow is up 63.90 points, or 0.3 percent. It ended at 2,430.06, up 18.26 points, or 0.8 percent.

Driving stocks higher was a report indicating that employers picked up their hiring last month. Among the top performers, carmakers rose following solid auto sales and energy stocks climbed as the price of oil stabilized. The S&P 600 Small-Cap Index closed at 846.65 for a gain of 14.48 points or 1.74%.

The Dow Jones industrial average rose 10 points, less than 0.1 percent, to 21,160.

The Nasdaq is up 863.71 points, or 16 percent.



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