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'It's a Strange Market Right Now'

Stocks rise fourth straight day, as bad news about jobs is seen as good news for investors
By Newser Editors and Wire Services
Posted Jun 7, 2019 3:12 PM CDT
In this May 30, 2019, file photo, trader Craig Esposito, right, works on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

(Newser) – US stocks moved broadly higher for a fourth consecutive day Friday as investors started June with a strong weekly gain after May's downturn. The S&P 500 index rose 29 points, or 1%, to 2,873; the Dow Jones Industrial Average gained 263 points, or 1%, to 25,983; and the Nasdaq composite climbed 126 points, or 1.6%, to 7,742. Stocks and bonds both rose after a report showed hiring was weaker than expected in May. The report appeared to increase the odds the Federal Reserve will have to cut interest rates in the coming months. Federal Reserve Chairman Jay Powell had signaled the possibility earlier in the week.

"It's a strange market right now," Gene Goldman, chief investment officer and director of research at Cetera Financial Group, tells the AP. "The markets are taking bad news as good news as reason to rally." Most sectors soared. Technology stocks led the gainers on Friday, with Microsoft and Apple leading the way. Health care companies and internet stocks were also among the largest gainers, including Johnson & Johnson and Facebook.

(Read more stock market stories.)

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