Stocks rose on Friday and the S&P 500 hit another record closing high as market sentiment soared after the June jobs report showed positive U.S. labor market recovery. The S&P 500 has now risen for seven straight sessions, its longest winning streak since August.
For the week, the Nasdaq outperformed with a rise of 2%, while the S&P 500 and Dow climbed by 1.7% and 1.1%, respectively.
Here's how the market settled to close out the week:
S&P 500 Index (NYSE: SPY): +0.75% or +32.51 points to 4,352.45
Dow Jones Industrial Average (NYSE: DIA): +0.45% or +154.40 points to 34,787.93
Nasdaq Composite Index (NASDAQ: QQQ): +0.81% or +116.95 points to 14,639.33
Lordstown Motors gains Justice Department probe:
Lordstown Motors (NASDAQ: RIDE) shares fell more than 10% on Friday after the Wall Street Journal reported that the U.S. Justice Department has opened a probe into the electric truck company, citing sources familiar with the matter.
The probe adds to the company's previously disclosed ongoing investigation by the U.S. Securities and Exchange Commission over issues including its descriptors to investors about its truck preorders.
Broadcom hit with antitrust lawsuit:
The Federal Trade Commission (FTC) on Friday accused computer chip supplier Broadcom (NASDAQ: AVGO) of illegally monopolizing the market for semiconductor components, voting unanimously to file charges against the chip giant. The FTC also voted to accept a proposed consent order signed by Broadcom for public comment.
The proposed agreement would prohibit Broadcom from entering some exclusivity or loyalty contracts with certain customers and require the company not to condition access to chips on exclusivity or loyalty deals, according to CNBC.
Tesla delivers record Q2 deliveries, falls short of expectations:
Tesla (NASDAQ: TSLA) shares were pressured in early morning trade after the electric vehicle maker's Q2 deliveries fell short of Wall Street's expectations.
Deliveries totaled 201,250 for the April through June quarter, missing expectations for 204,160, according to Bloomberg consensus data. Still, this marked a new quarterly record for vehicle deliveries for the automaker, and was exceedingly higher than the 90,650 reported for the same quarter last year.
Production during the second quarter also climbed higher compared to last year, rising to 206,431 vehicle compared to 82,272 in the comparable 2020 quarter.
Here's how benchmarks started trading after open:
S&P 500 Index: +0.28% or +12.23 points to 4,332.17
Dow Jones Industrial Average: +0.17% or +57.25 points to 34,690.78
Nasdaq Composite Index: +0.42% or +60.72 points to 14,588.15
June payrolls rise at more-than-expected rate:
Non-farm payrolls increased more than expected in June at 850,000, according to the Labor Department's Friday report, topping expectations for 720,000 additions. Friday's job report also came with revisions to the past two months' payrolls figures: in April, non-farm payroll additions were revised down by 9,000 to 269,000, while May's were revised up by 24,000 to 583,000.
However, the unemployment rate unexpectedly ticked up to 5.9% from the 5.8% posted in May.