The benchmark S&P 500 stock index brushed against its record closing high on Friday as Wall Street rallied after a much-larger-than-expected jump in jobs growth confirmed the US economy has regained speed after a first-quarter lull. The S&P briefly traded above its record close but ended less than a point below it and was three points away from the all-time intraday high of 2,134.72 reached in May 2015.
On a total return basis, including reinvested dividends, the S&P 500 ended at a record high. After a dismal payrolls report for May that raised concerns about the health of the economy, US employers added 287,000 jobs in June, beating market expectations for the first time in four months.
"The equity market is telling you the second quarter economy looks better than the first quarter," said Art Hogan, chief market strategist at Wunderlich Securities in New York. He said if earnings season, which begins in earnest next week, provides investors with a strong outlook, the S&P will likely break the record and has a chance at rallying from there.
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