Dow Jones jumps at open as U.S. job growth accelerates

Marco Green
July 3, 2020

That was 1.8 million more jobs than analysts expected.

After recent data showed USA manufacturing in June hit its highest level in more than a year, the Labor Department's monthly employment report due later in the day is expected to show record job growth last month, signaling that a Covid-19-driven recession was probably over. Gold has advanced and the Australian dollar is edging higher.

Investors can expect Australian shares to rise at the start of trading after their USA counterparts were encouraged by an improving jobs market there. The Federal Chamber of Automotive Industries (FCAI) is expected to release data showing the number of new vehicles sold in June.

At 6:39 a.m. ET, Dow e-minis were up 235 points or 0.92%, S&P 500 e-minis were up 19.25 points or 0.62% and Nasdaq 100 e-minis were up 39 points or 0.38%.

Taking all of this into equation, the SPI futures are pointing to a 0.6 per cent gain. Yesterday, the Australian share market closed 1.7 per cent higher at 6033 yesterday.

The rally was not impervious to worries about the coronavirus outbreak.

S&P 500 climbs to fresh multi-week highs on Thursday.

Meanwhile in Australia today, retail trade figures for May will show the extent of economic recovery from the peak of the pandemic in this country.

Other reports by Click Lancashire

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