By, 4 Min Read(Reuters) – The S&P 500 and Nasdaq both hit new highs on Friday, with the S&P up for the seventh day in a row, after June jobs data revealed robust hiring but persistent labor market weakness, which will keep the Federal Reserve from raising interest rates any time soon.FILE PHOTO: A security camera is seen next to signage outside the New York Stock Exchange (NYSE) in New York. REUTERS/Andrew KellyThe Labor Department’s employment report showed nonfarm payrolls increased by 850,000 jobs last month, but the total is still 6.8 million below its peak in February 2020.The better-than-expected data was a tentative sign that a labor shortage looming over the US economy was beginning to ease, but it was not enough to force the Fed to raise rates.Big tech led stocks higher on Wall Street, with Apple leading the way. The 10-year Treasury note fell to 1.432 percent. “This was a goldilocks report for capital markets, equities, and bonds,” said Darrell Cronk, chief investment officer at Wells Fargo Wealth & Investment Management. “There were enough jobs that you’d want to see, but not so many that the Fed might have to act sooner.” The Dow Jones Industrial Average rose 162.87 points, or 0.47 percent, to 34,796.4, the S&P 500 gained 30.12 points, or 0.70 percent, to 4,350.06, and the Nasdaq Composite gained 103.18 points, or 0.71 percent, to 14,625.55./n
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