U.S. stocks stepped up on Monday for the third straight session, on job data optimism. The previous Friday’s Employment Situation reported our labor market added 213,000 jobs in June. Stocks continued to rise the next day notching their seventh session of gains; however, the eight-day rally came to an end on Wednesday as indices slumped on concerns over escalating trade tensions, which outweighed optimism for the upcoming earnings season. The Trump administration threatened additional tariffs on $200 billion worth of Chinese-made goods. In economic news, wholesale inflation ticked up slightly more than expected in June. The Producer Price Index rose 0.3% last month versus estimates of a 0.2% increase. Technology stocks led the upswing on Thursday, along with a variety of economic news. Consumer prices increased just slightly in June, as the Consumer Price Index, which measures consumer inflation levels, rose 0.1% last month. The result was shy of an estimated 0.2% uptick. Department of Labor data showed first-time jobless claims fell by 18,000 to 214,000 in the week ended July 7. Indices closed in the green on Friday, despite evidence that consumer confidence is waning. In a preliminary reading for July, the University of Michigan’s consumer sentiment index fell 1.1 points to 97.1, marking its lowest level since January. For the week, the Dow Jones Industrial Average climbed a solid 2.30%, followed by the NASDAQ Composite with a gain of 1.79%, and the S&P 500 Index with a gain of 1.50%.
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