Stocks Notch All-Time High After Weak Jobs Data: Markets Wrap
- Payrolls increased 266,000 against estimated 1 million jobs
- Report underscores ‘long-haul climb back to recovery’: Yellen
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Stocks climbed to a record after surprisingly weak jobs data eased fears about higher inflation and a cutback in stimulus. The dollar slumped, while Treasuries were little changed.
All major groups in the S&P 500 rose, with energy, real-estate and industrial shares leading the charge. Earlier in the day, technology led equity gains as softer economic data drove investors into the perceived safety of pandemic darlings -- megacaps flush with cash and stay-at-home stocks. A gauge of giant growth companies such as Apple Inc. and Amazon.com Inc. pared most of its advance.