Wall Street climbs to opening after US employment figures

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The New York Stock Exchange rose Thursday at the start of the session after a record number of jobs created in the United States in June and a larger than expected decline in the unemployment rate.

Around 2:10 p.m. GMT, the Dow Jones appreciated by 1.63% to 26,153.64 points.

The high-tech Nasdaq rose 1.42% to 10,299.21 points and the S&P 500 expanded index rose 1.43% to 3,160.43 points.

Major Wall Street indices had mixed fortunes on Wednesday, with the Dow Jones (-0.30%) pausing after a strong start to the week and the Nasdaq (+ 0.95%) reaching a new record.

The US economy created 4.8 million jobs in June – a month-long record – thanks to the reopening of shops, bars and restaurants, which led to a larger-than-expected drop in unemployment, announced Friday the Labor Department.

The unemployment rate stood at 11.1% compared to 13.3% in May. Analysts expected a rate of 12.6%. However, this rate is still far from the historic low before the Covid-19 pandemic recorded in February (+ 3.5%).

“The report’s key lesson from a market perspective is that it reflects an economy that rebounds from its plunge during the containment period to stem the Covid-19,” observes Patrick O’Hare of Briefing.com .

“There are still far too many unemployed people (17.75 million), but the June figures are going in the right direction,” said the expert.

Among other indicators released Thursday, the US trade deficit widened by almost 10% in May, the US economy slowing down because of the pandemic, according to data from the Commerce Department.

– Tesla accelerates further –

Among the values ​​of the day, Tesla continued its race forward with a jump of more than 8%.

The high-end electric vehicle maker delivered just over 90,000 cars in the second quarter, far exceeding market expectations. According to Wedbush, the stock’s title, currently close to 1,200 dollars, could even reach up to 2,000 dollars in the next 12 months.

The company led by Elon Musk became the most expensive automotive group on the stock market on Wednesday, ahead of the Japanese Toyota.

McDonald’s was up 0.82%. According to press reports, the fast food giant has decided to suspend for three weeks the reopening of its stores across the United States in the face of the resurgence of declared cases of contamination with coronavirus.

Boeing gained 2.10%. The US aviation regulator, the FAA, confirmed on Wednesday that the 737 MAX’s recertification flights have been completed and that the data collected must now be analyzed. Boeing’s flagship model, the MAX has not flown a commercial flight for more than a year after two close fatal accidents.

On the bond market, the 10-year rate on US Treasury bonds rose to 0.6923% against 0.6758% Wednesday evening.

Like all of the American financial markets, Wall Street will be closed Friday, on the eve of American National Day, and will reopen on Monday morning.

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