The S&P 500 extended its record winning streak following a better than expected jobs report. (Fox Business)
The S&P 500 eked out a fractional gain of 0.06 percent to extend its winning streak to six days, the longest since April 2019. The Dow Jones Industrial Average gained 47 points, or 0.17 percent, while the Nasdaq Composite dropped 0.87 percent.
Looking at the economy, U.S. payrolls added 1.763 million workers in July as the unemployment rate fell to 10.2 percent, the Labor Department said Friday. Wall Street analysts surveyed by Refinitiv were expecting the addition of 1.6 million jobs to push the unemployment rate down to 10.5 percent.
Leaders on Capitol Hill remained far apart on a number of key issues for a new COVID-19 relief package hours before Congress was set to recess until Sept. 8.
Treasury Secretary Steven Mnuchin called a Democratic proposal to meet in the middle at a package size of $2 trillion a “non-starter.” He and Chief of Staff Mark Meadows are expected to recommend President Trump issue executive orders to extend some relief, FOX Business has learned, though how much the White House can accomplish that way is unclear.
There were troubling signs amid the good news. The Bureau of Labor Statistics expected the manufacturing sector to gain far more jobs than it did.