by Ankika Biswas, Lisa Pauline Mattackal and Saeed Azhar
(Reuters) – The New York Stock Exchange ended higher on Tuesday, lifted by the performance of Tesla and U.S. large caps, but volumes remained light ahead of the U.S. Fourth of July holiday and the expected release of the official monthly U.S. jobs report on Friday.
The Dow Jones index gained 0.4%, or 162.33 points, to 39,331.85 points.
The broader S&P 500 gained 33.92 points, or 0.6%, to 5,509.01.
The Nasdaq Composite rose 149,463 points, or 0.8%, to 18,028,763 points.
The Job Openings and Labor Turnover Survey (JOLTS) released Tuesday by the Labor Department showed a stronger-than-expected increase in job openings in May.
Investors are now awaiting the release of the Labor Department’s official employment report on Friday to assess whether the U.S. labor market remains resilient in the face of decades of high interest rates.
US Federal Reserve Chairman Jerome Powell said on Tuesday that recent economic data showed “significant progress” but that the US central bank needed more data before cutting interest rates.
“What the Fed really wants is a further rise in unemployment and a slowdown in job creation,” said Dan Genter, managing director of Genter Capital Management, noting that the recent moderation in inflation could give the Fed the green light to start considering interest rate cuts.
In stocks, Tesla hit its highest level since January after reporting a 4.8% year-on-year drop in vehicle deliveries in the second quarter.
Large cap stocks like Apple, Amazon.com and Alphabet also gained after U.S. Treasury yields fell.
Paramount Global was moving forward, with a source telling Reuters that billionaire Barry Diller’s digital media conglomerate IAC was considering a bid to take control of the group.
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(; Camille Raynaud)
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