US stocks ended the week at new record highs on positive economic news. The S&P 500 was up 1.7% and Dow advanced 1.0% for the week. Abroad, the FTSE All World Ex US fell 1.2% for the week. The yield on the 10-year Treasury fell over the week to end at 1.44%, its lowest level since early March. Oil prices ended the week at $75.16, their highest level since 2018.
The June jobs reports showed employers added 850,000 jobs over the month beating expectations. It was the largest increase in 10 months. The unemployment rate ticked up from 5.8% to 5.9% due to more Americans entering the labor pool.
New weekly unemployment filings fell to 364,000 hitting a new pandemic low.
June auto sales remained strong though cooled from earlier in the quarter due to limited supply. The average sales price hit a record.
OPEC and other oil producers failed to reach an agreement on increasing oil supply.
Consumers spending rose 0.7% in May and April was revised up to 0.9% from 0.5% as consumers opened their wallets.
Consumer confidence rose in June.