U.S. stocks closed sharply higher Thursday, 2nd June 2022, led by Tesla, Nvidia, and other growth giants, with a key jobs report due out Friday.
Tesla, Nvidia, and Meta Platform all rose more than 4%, pushing the S&P 500 and Nasdaq to close higher. Amazon rose 3.1% and Apple climbed 1.7%.
Ten of the S&P 500’s 11 sectors rose, led by non-essential consumer stocks, up 3.03%, and materials stocks, up 2.69%. The S&P 500 is now down about 13% from its record closing high set in early January.
The Philadelphia Semiconductor Index jumped 3.6% to close at its highest level in nearly a month.
The ADP National Employment Report showed that U.S. private sector job gains in May were much weaker than expected, indicating that demand for labor is beginning to slow amid rising interest rates and tighter financial conditions.
All eyes are now on the U.S. government’s non-farm payrolls data due out on Friday, from which investors will look for clues about the physical health of the U.S. economy and how aggressive the Federal Reserve will be in raising interest rates going forward.
Analysts expect the U.S. to add 325,000 jobs in May.
By the close of trading, the S&P 500 climbed 1.84% to close at 4,176.82 points. The Nasdaq rose 2.69% to 12,316.90 and the Dow Jones Industrial Average gained 1.33% to 33,248.28.
(Dow 30, 1-hour chart)
The Dow focuses on the 33233-line today. If the Dow runs steadily above the 33233-line, it will pay attention to the suppression strength of the 33584 and 34088 positions. If the Dow falls below the 33233-line, it will pay attention to the support strength of the 32975 and 32455 positions.
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