The Nasdaq rose 0.69% to a new record close of 7,606.46 amid trade fears as a result of increased job statistics.
Stocks demonstrated a significant rise and record closures on Monday, June 4, as stronger United States job data dominated trade concerns.
The Dow Jones Industrial Average increased 178 points, or 0.72%, to 24,816. The S&P 500 was up 0.45% and the Nasdaq rose 0.69% to a new record close of 7,606.46. Leading the Dow higher were Merck & Co. (MRK), Walmart Inc. (WMT) and Home Depot Inc. (HD).
The U.S. added 223,000 jobs in May 2018, higher than economists’ forecasts, and the unemployment rate dipped to 3.8% from 3.9% the previous month.
The backdrop of a full-on trade war between Washington and Beijing, however, will continue to hang over markets this week and ahead of what promises to be a testy meeting of G-7 leaders in Quebec City starting Friday, June 8.
Wilbur Ross, the U.S. Commerce Secretary, completed a series of meetings with China’s Vice Premier Liu He without making progress on a host of issues between the two nations in a dispute over tariffs, access and trade deficits.
Apple Inc.’s (AAPL) annual Worldwide Developer Conference began on Monday with a keynote address from CEO Tim Cook. The tech giant announced iOS 12, an update to its operating system, plus augmented-reality capabilities for iOS 12, and new features for Siri. Apple stock rose 0.84%.
Microsoft Corp. (MSFT) said Monday it reached a deal to buy GitHub, a software development platform, for $7.5 billion in stock. Its shares climbed 0.87%
Business Insider first reported on Friday, June 1, that Microsoft recently had held talks to buy GitHub. GitHub was last valued at $2 billion in 2015.
Facebook Inc. (FB) shares fell 0.37% on Monday following a report that said the social media giant shared user data with some of the world’s biggest tech companies.
On Sunday, the New York Times reported that Facebook allowed preferred access to certain device makers, such as Apple, Amazon.com Inc. (AMZN), Microsoft and Samsung Electronics Co. (SSNLF) over a number of years as the company sought to expand its influence in the social media marketplace. The paper said some of the access, however, may have violated portions of a 2011 consent decree with the Federal Trade Commission given that Facebook shared the user data, and in some cases the data of users’ friends without first obtaining specific consent.