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.
-
4 Career Moves to Make Now if You're Worried About a Recession
Worried about a recession? These steps to protect your job prospects will help you professionally whether a downturn develops or not.
-
How StoryCorps Works and How You Can Tell Your Story
StoryCorps has recorded conversations between thousands of people, and anyone can participate. National facilitator Alan Jinich explains how to share your story.
-
Stocks End Strong Month on a Down Note: Stock Market Today
There was likely a bit of profit-taking ahead of a historically weak September.
-
If You'd Put $1,000 Into UnitedHealth Group Stock 20 Years Ago, Here's What You'd Have Today
UNH stock was a massive market beater for ages – until it wasn't.
-
S&P 500 Tops 6,500 Even as Nvidia Slips: Stock Market Today
The world's most valuable company closed lower after earnings, but the S&P 500 managed to notch a new record high.
-
Stocks Edge Higher With Nvidia, Fed in Focus: Stock Market Today
The AI bellwether reports earnings after today's close, while Wall Street is keeping a cautious eye on President Trump's attacks against the Fed.
-
President Trump Makes Markets Move Again: Stock Market Today
The White House is moving ahead with plans to reshape the Federal Reserve and to buy shares in more sectors and stocks.
-
Stocks Struggle to Start Nvidia Week: Stock Market Today
Another important week for the stock market starts on a risk-off note.
-
Dow Rips 846 Points to New All-Time High: Stock Market Today
Fed Chair Jerome Powell seems ready to cut interest rates in the fall but will still rely on incoming economic data about inflation and employment.
-
S&P 500 Extends Losing Streak Ahead of Powell Speech: Stock Market Today
Stocks continued to struggle ahead of Fed Chair Powell's Friday morning speech at Jackson Hole.