How major US stock market indexes fared on Friday

Sterling slips on election fears downbeat China PMI weighs on stocks                 

     

     Kim Kyung Hoon

Sterling slips on election fears downbeat China PMI weighs on stocks Kim Kyung Hoon

Canadian outdoor clothing specialist Canada Goose Holdings Inc (NYSE:GOOS), which recently listed on the NYSE, was wanted in early deals, rising 9.4% to US$20.47. The Labor Department said the USA economy added 138,000 jobs last month, below the expected 185,000. The report comes ahead of the Federal Reserve's June meeting, where it is expected to raise interest rates. They also supported the outlook for possibly another hike after June.

The benchmark averages closed at their highest levels on record as Wall Street brushed off a disappointing labor market report and another sell-off in the energy complex. "People expected that", said David Kelly, chief global strategist at JPMorgan Funds.

The Dow Jones Industrial Average and S&P 500 were little changed after data showed job growth slowed in May, suggesting that a bounce in the labor market was losing steam.

The S&P and Nasdaq reached intraday record peaks at 2,429.95 and 6,247.07, respectively.

The Russell 2000 index of small-company stocks jumped 25.85, or 1.9 percent, to 1,396.06. MSCI's broadest index of Asia-Pacific shares outside Japan.MIAPJ0000PUS rose 0.67 point or 0.13 percent, to 498.49.

After an hour of trading, the S&P 500 was up one-and-a-half points at 2,431 while the Dow Jones average was 18 points to the good at 21,163.

The Dow is up 63.90 points, or 0.3 percent.

Nine of the 11 major S&P sectors were higher, with the industrials index's 0.35% rise leading the advancers. It was the second-largest single-day appreciation of the currency since it was unpegged from the dollar in 2005.

Oil majors Exxon (XOM.N) and Chevron (CVX.N) were down about 0.5 percent. "The U.S. economy is showing other signs of strength as well and the market is still forecasting that the Fed will raise rates later this month". The stock draw offered some respite from worries over a global oversupply in oil.

Sterling retreated 0.1 percent to $1.2877 after a YouGov poll showed May could be well short of the number of seats needed to form a government, raising the prospect of political turmoil just as formal Brexit talks begin.

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