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S&P 500, Dow hit new record high at open

English.news.cn   2014-06-03 07:10:03

NEW YORK, June 2 (Xinhua) -- U.S. stocks opened higher Monday, with the S&P 500 and the Dow Jones Industrial Average hitting new all-time highs on the first trading day of June, as investors stayed cautiously optimistic ahead of a closely-watched U.S. jobs report for May.

The S&P 500 set a new record intraday high of 1,925.09 points within minutes after the opening bell.

Meanwhile, the blue-chip Dow touched 16,740.58 points, eclipsing its intraday record set on May 13.

Last Friday, the broader S&P 500 refreshed record intraday and closing highs and the blue-chip Dow also notched a record close amid thin trading in a holiday shortened week, as generally positive economic data buoyed market sentiment and helped major stock indices to grind higher.

All eyes are on the U.S. Labor Department's non-farm payroll report scheduled for release on Friday.

The U.S. jobless rate fell sharply by 0.4 percentage point to 6.3 percent in April, the lowest level in five and a half year, while total non-farm payroll employment rose by 288,000, the largest gain since January 2012, according to the Labor Department.

Analysts expected unemployment rate to tick up to 6.4 percent in May.

Economic data released Monday showed that output growth in the U.S. manufacturing sector continued to accelerate through the second quarter of this year, said financial information firm Markit in a report Monday.

Adjusted for seasonal influences, the final Markit U.S. Manufacturing Purchasing Managers' Index (PMI) picked up to 56.4 in May from 55.4 in April, signaling a robust improvement in overall business conditions, the report showed.

Shortly after the opening bell, the Dow rose 12.40 points, or 0.07 percent, to 16,729.57. The broader S&P 500 ticked up 0.54 point, or 0.03 percent, to 1,924.11. The Nasdaq Composite Index added 1.80 points, or 0.04 percent, to 4,244.42.

In May, the Dow and S&P 500 rose for a fourth straight month, up 0.8 percent and 2.1 percent. In addition, the Nasdaq jumped 3.1 percent.

Editor: Yang Yi
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