Wall Street Hits New Highs Amid Job Data Concerns

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Wall Street Hits New Highs Amid Job Data Concerns
Photo: Richard Drew/AP/TT

The leading indexes pointed upwards and recorded new records when the New York stock exchange closed on Tuesday. But revised employment statistics cause headache.

The broad S&P 500 index rose 0.3 percent, Nasdaq's technology-heavy composite index gained 0.4 percent and the Dow Jones industrial index increased 0.5 percent.

This meant new record levels for all three.

Among individual companies, insurance giants stood out in both directions. United Health surged 8.6 percent and acted as a locomotive for the Dow Jones index. Competitor Humana plummeted 12.2 percent at the same time.

Also plummeting was the world's largest lithium producer Albemarle, down 11.6 percent.

Apple released a new generation of iPhone on Tuesday, including an "Air" model that is the thinnest phone in the company's history.

But despite big words and a, as usual, lavish launch, the market's reception was lukewarm. The stock closed at a loss of 1.5 percent.

The US Department of Labor presented a revision of employment data for the period April 2024–March 2025 with 911,000 jobs, corresponding to 0.6 percent, on Tuesday.

The review is done annually and the downward revision was expected, but larger than anticipated. According to CNBC, the largest in over 20 years.

The message, which concerns old figures, does not affect Tuesday's prices significantly. However, it is a sign that the US economy is beginning to weaken, according to JP Morgan CEO Jamie Dimon.

If it is on its way to recession or just weakening I do not know, he says to CNBC.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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