Wall Street is closed for trading on Friday, July 3, as the US observes the Independence Day holiday. Trading on the New York Stock Exchange (NYSE), Nasdaq and the bond market will resume on Monday, July 6.
According to media reports, the closure follows the US holiday calendar, under which Independence Day is observed on the preceding Friday when July 4 falls on a Saturday. The bond market also closed early on Thursday at 2 p.m. Eastern Time ahead of the long weekend.
The holiday comes after a mixed session on Wall Street.
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The Dow Jones Industrial Average rose 594.83 points, or 1.14%, to a record closing high of 52,900.07, extending its winning streak to four weeks. The S&P 500 ended little changed at 7,483.24, while the Nasdaq Composite fell 207.36 points, or 0.80%, to 25,832.67, weighed down by weakness in chip stocks.
Markets reacted to a softer-than-expected US jobs report, which showed nonfarm payrolls increased by 57,000 in June, well below economists’ expectations of 110,000. The unemployment rate stood at 4.2%.
The data eased concerns over near-term interest rate hikes by the Federal Reserve. According to CME FedWatch, markets continue to price in one 25-basis-point rate hike this year, but now expect it only by December instead of October.
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Federal Reserve Chairman Kevin Warsh said earlier this week that price risks have eased while reiterating the central bank’s commitment to bringing inflation back to its 2% target.
For the week, the Dow gained about 2%, while the S&P 500 and Nasdaq advanced 1.8% and 2.1%, respectively.
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