Wall Street Close: Bulls stay on top in count down to NFP showdown

DOW JONES UNOFFICIALLY CLOSES UP 189.76 POINTS, OR 0.70% , AT 27,391.28 S&P 500 UNOFFICIALLY CLOSES UP 21.43 POINTS, OR 0.64% , AT 3,349.20 NASDAQ UNO  |  06/08/2020 20:02
  • Dow Jones unofficially closes up 189.76 points, or 0.70%  at 27,391.28.
  • S&P 500 unofficially closes up 21.43 points, or 0.64% , at 3,349.20.
  • NASDAQ unofficially closes up 102.75 points, or 0.93% , at 11,101.15.

The benchmarks on Wall Street shrugged off a sluggish start and closed higher on Thursday.

Hopes of a new fiscal package to be announced before the end of the week kept the bulls in play.

The Nasdaq was ending the session above 11,000  after initially climbing above it on Wednesday with the tech-related heavyweight stocks such as Apple AAPL, which rose 3.49% an Facebook FB, up 6.49% helping to pace gains across Wall Street.

The Nasdaq Composite added 109.67 points, or 1%, to 11,108.07  while the Dow Jones Industrial Average DJI rose 185.46 points, or 0.68%, to 27,386.98. The S&P 500 SPX gained 21.39 points, or 0.64%, to 3,349.16.

Meanwhile, investors are looking to the next fiscal aid package to further cope with the fallout from COVID-19 pandemic.

However, Senate Majority Leader Mitch McConnell said on Thursday Republicans and Democrats remained far apart over what to include in another wave of relief.

Investors remain optimistic, nevertheless, and Senate Republicans have been told that negotiators have until Friday to reach an agreement.

"If there's not a deal by Friday, there won't be a deal," Republican Senat Roy Blunt told reporters on Wednesday.   

By mid-US-afternoon, the headlines were saying that Pelosi believed some progress was being made helped turn markets around, which also took US bond yields off their lows.

US data ahead of NFP Friday

It's a big one tomorrow, with US Nonfarm Payrolls slated; more on this here: Nonfarm Payrolls Preview: Hints point to an awful July

Meanwhile, US initial jobless claims were better than expected at 1186k in the week to 1 August vs 1435k the prior week.

Continuing claims also fell from 16.951m to 16.107m.

That’s the best data in a few weeks, but as it came after the non-farm payrolls survey week, it hasn’t influenced expectations for tomorrow’s report (which now sit at +1490k.,

analysts at ANZ explained. 

Fiscal hawks will be watching to see, however, if there is a correlation between falling initial claims and the end of the USD600/week supplementary benefit payment.

S&P 500 index 

 

 

 

 

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