US stocks end higher, post weekly gains



US stock indices rose on Friday, despite the publication of a disappointing monthly employment report.

The US Department of Labor reported that the economy created 559K new jobs in May, missing the forecast of 645K.

The US unemployment rate fell to 5.8% in May from 6.1% in April, better than analysts’ forecast of 5.9%.

Reading the ADP Non-Farm Employment Change yesterday showed an increase of 978K jobs in May, while analysts predicted 645K.

In the oil market, July WTI crude futures rose 1.2% or 81 cents, and closed at the highest level since October 2018 at $ 69.62 per barrel, with a weekly gain of more than 5%, after hitting a high of $ 69.7 and a low of $ 68.3.

August Brent futures rose 0.8% or 58 cents and closed at $ 71 a barrel, with a weekly gain of 4.6%, after hitting a high of $ 72.1 and a low of $ 70.7.

As for equities, the Dow Jones rose 0.5% or 179 points and closed at 34,756, and posted a weekly gain of 0.7%, with a daily high of 34,772 and a low of 34 618.

The Nasdaq rose 1.5% or 200 points to 13,814, and posted a weekly gain of 0.5%, with a high of 13,826 and a low of 13,692.

The S&P 500 rose 0.9% or 37 points to 4,229, and posted weekly gains of 0.6%, after hitting a high of 4,233 and a low of 4,206.



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