EDITOR'S NOTE
The Labor Department's jobs report missed expectations for the second straight month on Friday, but the stock market appeared to shake it off and continue its churn higher.
The S&P 500 closed just under a record high, with a healthy majority of the stocks in the index pushing higher. The tech-heavy Nasdaq Composite had an even better day, gaining nearly 1.5%.
While the 559,000 jobs added fell below estimates, especially after hot readings from ADP and jobless claims earlier in the week, the data seemed to calm investors' fears that a particularly strong report could spur the Federal Reserve into tightening policy. The results also depicted a recovery in progress.
"I think the market is reacting to the fact that we had a jobs report that missed expectations, but we still added more than 550,000 jobs. So this is sort of steady as she goes," Liz Young, SoFi's head of investment strategy, said on CNBC's "Halftime Report." 
The jobs market report comes after a period in which the broader indexes seemed to be stuck in neutral, particularly since first-quarter earnings reports from major companies tailed off.
Looking forward, investors will be watching the consumer price index report for May, due next Thursday, and the next Fed meeting later this month.
TOP NEWS
TOP VIDEO
CNBC PRO
SPECIAL REPORTS
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
