Stocks make up some of losses
Stocks closed broadly higher Tuesday as Wall Street regained its footing a day after the market had its biggest decline in a year.
The bounce pushed the Dow Jones Industrial Average more than 300 points higher and snapped a six-day losing streak for the market, though the benchmark S&P 500 recouped only a little more than a third of the losses from
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Monday.
The S&P 500 index rose 37.03 points, or 1.3%, to 2,881.77. The index dropped 3% on Monday, its worst loss since December.
The Dow climbed 311.78 points, or 1.2%, to 26,029.52. The Nasdaq composite gained 107.23 points, or 1.4%, to 7,833.27. The Russell 2000 index of smaller companies picked up 14.67 points, or 1%, to 1,502.09.
US job openings flat in June
The number of open U.S. jobs was largely unchanged in June and hiring slipped, suggesting the job market has cooled a bit.
The Labor Department said Tuesday that the number of available jobs fell by just 0.5%, to 7.35 million. That’s down from a record high last November of 7.63 million, but still a healthy level. Total hiring slipped 1% to 5.7 million, below a record of nearly 6 million in April.
Despite the flat readings in job openings and hiring, the figures point to a still-healthy job market. There are nearly 1.3 available jobs for every unemployed person. Historically, those out of work outnumbered open positions. The current figures indicate that businesses remain hungry for workers, a sign they are confident the economy will keep growing.
Wire Reports