Technology drives Wall Street up
Tech stocks pushed Wall Street higher on Friday as investors hailed a lukewarm jobs report that cooled inflation fears. The data indicated that the labor market was improving, but the report was not strong enough to point to rising inflation that could prompt the Fed to raise interest rates. Rational Dynamic Brands Funds portfolio manager Eric Clark said the payroll increase of 559,000 in May was perfect for investors. “It’s more about the potential Goldilocks scenario where interest rates don’t have to go up and the Fed doesn’t have to move too quickly and you know tech stocks have sort of been, you know, unloved lately, with underperforming growth stocks. So I think that’s a bit of a sigh of relief. “The Dow Jones added half a percent. The S&P 500 was up nearly nine-tenths of a percent, ending within a hair’s breadth of a new closing record, as the Nasdaq jumped 1.5 percent. All three indexes made gains on the week. Top-flight AMC stocks Entertainment ended a mad week of trading with more gyrations, falling almost 7%. Yet they managed to nearly double in the last five days alone. Shares of billionaire Williams Ackman Pershing Square Tontine Holdings fell of 12%. He is in talks to buy 10% of the bigger and world label, Universal Music Group, which is home to artists like Taylor Swift and Lady Gaga.