Stocks soar after jobs report better then…
Wall Street is cheering the better-than-expected June jobs report. Futures had been pointing to about a 1% rise at the opening bell before the jobs numbers were released — but after the upbeat report, the Dow started the day with a gain of 1.5%, or more than 380 points.
Investors also bid up several stocks that have benefited from the current work-from-home/shelter-in-place environment. Shares of Clorox (CLX), Zoom Video Communications (ZM) and virtual health company Teladoc (TDOC) all hit new highs Thursday. Digital payments stocks Square (SQ) and PayPal (PYPL) also reached new record highs.
Some experts are concerned the “sugar high” from stimulus checks could fade and consumers may start to spend less. New outbreaks of Covid-19 cases in Florida, Texas, Arizona and other states also have the potential to derail the rebound on Main Street and Wall Street.
Source: CNNBusiness
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