Stock Market Today: Double Dose of Jobs Data Drives Stocks Higher
The Nasdaq closed the holiday-shortened week at all-time highs after Thursday's data dump showed progress on the American employment front.


A pair of encouraging jobs reports helped the major indices close in the black Thursday, and drove the Nasdaq Composite to yet another record-high finish.
Early Thursday, the Labor Department reported that the U.S. added 4.8 million jobs in June to easily surpass economists' consensus expectations for 3.7 million, while the unemployment rate dropped from 13.3% to 11.1%. Meanwhile, last week's jobless claims trickled lower to 1.34 million, from 1.38 million a week prior.
"It is difficult to downplay the incoming June employment numbers, with both surveys showing sizable flows of workers returning to employment last month as states continued to remove restrictions on non-essential activity following the COVID-19 lockdowns in March and April," Barclays analysts wrote in a Thursday note.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"One thing that we are certain about," writes Rick Rieder, BlackRock's Chief Investment Officer of Global Fixed Income, "and is most relevant to markets, is that virtually all the numbers this month have displayed some tangible improvement, some clear reopening of the economy, albeit still very uneven by sector and region.
"We are confident that the industries that can be effective in a work-from-home framework and/or those that are deemed essential, such as healthcare or education, are showing tangible signs of improvement and employment durability. However, it is also clear that leisure, travel, energy, etc., are very uncertain in their path forward today."
Dow component Pfizer (PFE, +2.3%) enjoyed follow-through buying after Wednesday's encouraging COVID-19 vaccine news, and Walgreens (WBA, +2.7%) headed higher, too, helping the industrial average gain 0.4% to 25,827.
The Nasdaq climbed 0.5% to a new closing high of 10,207 on the back of a strong day for Google parent Alphabet (GOOGL, +1.9%). The S&P 500 finished with a 0.5% improvement to 3,130, and the small-cap Russell 2000 advanced 0.3% to 1,431.
And a reminder: The market will be closed tomorrow, July 3, in observance of Independence Day.
However, As Stocks Go Up, Yields Come Down
The market's torrid three-month rebound off the March bottom has been a much-needed relief for investor portfolios. But Q2's rosy rally has come with a couple of irritating thorns.
We recently explained to subscribers of our A Step Ahead e-letter that the broader stock market's valuations are back to sky-high levels. Well, the air is getting thin again for dividends, too. The S&P 500 currently yields less than 2%, and the 10-year Treasury delivers a skinflint 0.7%.
Howard Silverblatt, Senior Index Analyst for S&P Dow Jones Indices, notes that the current 12-month dividend yield is 1.925% vs. the 2.305% for March 2020. How does that shape up historically? "From December 1936 through June 2020 the average yield for the S&P 500 was 3.572%," though the figure is much more in line with the five-year average, which sits at 1.993%.
But that doesn't mean investors are entirely without interesting income options:
- These three municipal bond funds, for instance, not only yield between 3% to 5% -- but carry a tax advantage.
- You can also look to exchange-traded funds (ETFs) for significant income.
- Or, you can check out various other ways of collecting yields of up to 9%.
But among the most popular niche areas of the income market are monthly dividend stocks and funds, which … well, they do exactly what it sounds like they do. Rather than the typical U.S. equity schedule of quarterly cash distributions (or even more annoying semiannual or annual payments), these 11 monthly dividend stocks and funds deliver cash on a schedule that matches most of your regular bills.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Kyle Woodley is the Editor-in-Chief of WealthUp, a site dedicated to improving the personal finances and financial literacy of people of all ages. He also writes the weekly The Weekend Tea newsletter, which covers both news and analysis about spending, saving, investing, the economy and more.
Kyle was previously the Senior Investing Editor for Kiplinger.com, and the Managing Editor for InvestorPlace.com before that. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, Barchart, The Globe & Mail and the Nasdaq. He also has appeared as a guest on Fox Business Network and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice and Univision. He is a proud graduate of The Ohio State University, where he earned a BA in journalism.
You can check out his thoughts on the markets (and more) at @KyleWoodley.
-
Small Businesses Are Racing to Use AI
The Kiplinger Letter Spurred on by competitive pressures, small businesses are racing to adopt AI. A recent snapshot shows the technology’s day-to-day uses.
-
The Me-First Rule of Retirement Spending
Follow the 'Me-First" rule and you won't have to worry about running out of money when the stock market goes south.
-
S&P 500 Slips Ahead of Fed Week: Stock Market Today
All eyes are on the Federal Reserve ahead of next week's critical policy meeting.
-
Dow Gains 617 Points as Rate Cuts Near: Stock Market Today
Wednesday's economic data didn't shift Wall Street's expectations that the Fed is preparing for a rate cut at next week's meeting.
-
S&P 500 Hits New High After Oracle Earnings: Stock Market Today
Another down day for Apple held the Dow Jones Industrial Average back, though.
-
Stocks Grind Up to New All-Time Highs: Stock Market Today
UnitedHealth stock led the Dow Jones Industrial Average amid increasing signs the labor market has not been well for months.
-
Markets Prepare for August Inflation Data: Stock Market Today
Apple CEO Tim Cook is still important, but price action this week is as much about incoming inflation data ahead of next week's Fed meeting.
-
Stocks Slip as Job Growth Stalls: Stock Market Today
The August jobs report came in much weaker than expected, while the unemployment rate ticked higher.
-
S&P 500 Hits New High on Jobs Friday Eve: Stock Market Today
The S&P 500 hit a new all-time closing high and most of the stocks in the Dow Jones Industrial Average were up the day before a critical jobs report.
-
Big Tech Names Rise Above Broad Weakness: Stock Market Today
Some familiar names enjoyed solid rallies on the resolution of outstanding questions, but macro uncertainty hangs over the broader market.