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Dow, S&P little changed as job growth slows in May


Economic data helped stocks reach new highs Thursday.

At 9:40am ET (1341 GMT), the Dow Jones Industrial Average was up 1.22 points, or 0.01%, at 21 145.40. The Nasdaq Composite Index added 48.31 points, or 0.78 percent, to 6,246.83. The S&P 500 gained 18.26 points, or 0.76 percent, to 2,430.06.

Investors instead focused on a report from ADP that showed the US added 253,000 private-sector jobs in May. Wages also grew less than expected, with average hourly earnings rising at a 2.5 percent annualized rate.

Stocks added to gains on Friday on faith the Federal Reserve will move ahead with a rate hike this month even after a weaker-than-expected May jobs report.

Stocks futures gave back some gains after the data were released.

Nine of the 11 major S&P sectors were higher, with the industrials (.SPLRCI) index's 0.35 percent rise leading the advancers.

Technology shares led the broader market, with Amazon, Apple, Facebook and Netflix all up more than one per cent and Microsoft winning 2.4 per cent.


Construction spending was down -1.4% for the month and increased 6.7% for the year.

The Russell 2000 is up 38.93 points, or 2.9 percent.

The May jobs report showed unemployment fell to 4.3 per cent, a 16-year low.

Oil majors Exxon (XOM.N) and Chevron (CVX.N) were down about 0.5 percent.

Among the day's biggest movers, Lululemon Athletica Inc. jumped almost 17% after it reported first-quarter results that beat expectations.

Other markets: Oil prices fell to three-week lows (http://www.marketwatch.com/story/oil-prices-stay-weak-as-investors-return-to-worries-over-rising-production-2017-06-02) on Friday, partly driven by concerns that President Donald Trump's decision to withdraw (http://www.marketwatch.com/story/trump-today-president-withdraws-us-from-paris-climate-agreement-and-says-he-wants-fair-deal-2017-06-01) the USA from the Paris Climate Accord will lead to an increase in USA oil output. Tokyo's Nikkei 225 advanced 1.1 percent, Hong Kong's Hang Seng rose 0.5 percent, and South Korea's Kospi shed 0.1 percent.

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