NEW YORK – Wall Street scaled new highs on Friday, with the S&P closing up for a seventh straight day, after jobs data for June showed robust hiring yet persistent weakness in the labor market that will keep the Federal Reserve from raising interest rates any time soon.
The three major U.S. indices – the S&P, Dow and Nasdaq – closed at record highs. The streak was the longest run of consecutive record closes since June 1997, according to S&P Dow Jones Indices.
The Labor Department’s employment report showed nonfarm payrolls increased by 850,000 jobs last month, but the total is 6.8 million below its peak in February 2020.
The better-than-expec…
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