US stocks ended the week at a record high on strong hiring and other economic news. The S&P 500 rose 0.9% and Dow gained 0.8% for the week. Abroad, the FTSE All World Ex US climbed 1.1% for the week. The yield on the 10-year Treasury rose over the week to finish at 1.31% up from 1.24%.
The July jobs report posted the largest number of new hires in 11 months with 943,000 jobs added and June’s hiring rate was revised higher. The unemployment rate dropped to 5.4% from 5.9% despite more workers looking for work.
US manufacturing activity remained strong in July.
The Fed Vice Chair said in comments the Fed could raise interest rates as soon as early 2023, an earlier move then previously discussed.
Service sector activity increased in July over June topping expectations. Eurozone manufacturing and service sector activity increased in July, but at a slower pace.