Stocks climbed thursday as traders returned to work following the July Fourth holiday with a plate full of economic reports to digest before the week ends.
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Data already released on Thursday included jobless claims, which hit a six-week high of 231,000, but overall layoffs remained around their lowest in decades.
Private payroll processor ADP said the private sector added 177,000 jobs in June. The ADP report can be seen as a preview to the government’s monthly jobs report that will be released on Friday.
Analysts polled by Thomson Reuters expect that the U.S. economy added 195,000 jobs in June while the unemployment rate should hold steady at 3.8%.
Also reported on Thursday was the IHS Markit final June U.S. services index which came in at 56.5 versus 56.8 in May. This marks the fastest business activity growth acceleration since April 2015.The ISM services index rose to 59.1 in June from 58.6.
The Federal Reserve will also release the minutes of the last policy setting meeting.
Auto stocks climbed following a report of tariff talks between the U.S. and Europe.
The major U.S. stock indexes finished Tuesday’s holiday-shortened session with losses – the Dow and S&P 500 erased earlier gains in the afternoon while the Nasdaq flipped from positive to negative shortly after trading commenced and its losses accelerated in the afternoon.
Thursday is the eve of trade sanctions that the Trump administration has threatened to impose on Chinese goods.
Commodities were mixed. Oil