Payrolls Power Wall Street To Record High

[Purveyor]

Source: Reuters

U.S. stocks notched their best day in a month on Friday, with the S&P 500 and Nasdaq closing at record highs after a second straight month of robust labor market data boosted optimism that economic growth is accelerating.

The U.S. Labor Department report showed that nonfarm payrolls rose by 255,000 in July, far outpacing expectations for a gain of 180,000.

While the unemployment rate remained unchanged at 4.9 percent, it held below the 5 percent mark associated with full employment.

The S&P 500 ended at 2,182.87, its eighth closing high of the year, powered by a 1.9 percent gain in financials .SPSY, which would be primed for a profit boost should the Federal Reserve raise interest rates.

Read more: http://www.reuters.com/article/us-usa-stocks-idUSKCN10G18I

[George II]

1. So much for Brexit destroying the world's economic system!

[llmart]

2. You beat me to it....

The media likes to stir up turmoil. It's their job these days.

[Midnight Writer]

3. Wait a minute. Does this mean more money in the hands of workers equals economic growth?

Isn't this the opposite of supply side voodoo economics trickle down Club For Growth Laffer curve bullshit?

[Matthew28]

4. Obama has turned out to be a complete success.