Dow Chalks Up Eighth Record Close In A Row

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Reuters:

The Dow Jones Industrial Average ended at its eighth straight record high on Friday, with gains in JPMorgan Chase and other banks after data showed U.S. employers hired more workers than expected in July.

The strong jobs report is likely to clear the way for the Federal Reserve to announce a plan to start shrinking its $4.2 trillion bond portfolio in September, and could strengthen its case to raise rates for the third time this year in December.

The Labor Department report showed nonfarm payrolls increased by 209,000 jobs last month, above the 183,000 rise expected by economists polled by Reuters.

“It’s stability. That’s what the markets love. This still indicates that the expansion is on. That should provide some comfort,” said Bodhi Ganguli, lead economist at Dun & Bradstreet in Short Hills, New Jersey. READ MORE

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