The Dow industrials rallied to a record after June jobs data pointed to slower-than-expected growth in the labor market.
In a mixed day for the broader market, technology stocks fell, pushing the Nasdaq composite lower in the last session before the long holiday weekend.
The U.S. added 57,000 jobs in June, down from May and roughly half the 115,000 jobs that economists expected to see added. Two-year Treasury yields slipped as investors took it as a sign the Federal Reserve could be more reluctant to raise interest rates; the dollar also weakened.
The Dow rose 1.1%, or 595 points, to close at a record 52900. The Nasdaq fell 0.8%, while the S&P 500 was essentially flat. All three were up more than 1.7% for the week. Oil prices edged higher, with Brent crude futures closing at $71.80 a barrel.
Earlier today, stock markets in Seoul and Tokyo took a beating. Kioxia, which has gone from little-known memory-chip maker to Japan’s highest-valued company, tumbled 13%.
The yen strengthened against the dollar. Traders are on alert for possible intervention by Japanese authorities to support the currency, which fell to 40-year lows this week.
Correction: Stocks were mixed Thursday after the jobs report. An earlier version of this post said they were mixed on Friday.