The S&P 500 index started the second half of 2024 with a 2% weekly gain to a record close, led by advances in the communication services, technology and consumer discretionary sectors.
The market benchmark ended the week at 5,567.19 after reaching a record intraday high Friday, topping the prior all-time highs on Wednesday.
The rally to the records marked the start of a new month, quarter and half in just four sessions last week, with the US stock market closed on Thursday for Independence Day. The index gained 14.5% in the first half of 2024.
Labor Department data released on Friday showed nonfarm payrolls rose by 206,000 last month, surpassing the 190,000 increase expected in a survey compiled by Bloomberg. Prior job gains were revised down by 54,000 for May and by 57,000 for April. The unemployment rate increased to 4.1% in June from 4% in May, faster than the 4% rate that was expected.
Investors speculate that the data may spur the Federal Reserve’s policy-setting committee to cut interest rates later this year.
By sectors, communication services and technology led the weekly advance, up about 3.9% each, followed by a 3.8% climb in consumer discretionary. Consumer staples, financials and utilities also rose.
The energy sector fell 1.3%, followed by a 1% drop in health care and a 0.6% decline in industrials. Materials and real estate also eased.
Economic data expected this week include the consumer price index and producer price index for June. Both inflation readings are likely to be closely watched as investors try to predict the Fed’s next moves.
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