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Asian markets rise after Biden signs debt ceiling bill, oil rises on OPEC+ cuts

Fri Jun 02, 2023 12:12 PM EDT

Here are the jobs for May

The US payrolls report for May blew past expectations, supported by strong job gains in the professional and business services sector – as well as a jump in government employment.

Professional and business services led job creation for the month with 64,000 new hires, following an increase of a similar size in April. The government added 56,000 jobs last month, higher than the average monthly gain of 42,000 over the previous 1[ads1]2 months.

Job gains were broad-based last month with health care adding 52,000 and leisure and hospitality up 48,000.

Fri Jun 02, 2023 1:17 PM EDT

Indices trade near session highs as rally maintains strength heading into afternoon

The major indexes were trading near session highs with just under 3 hours left in the trading day as investors kept Friday’s gains going.

The Dow rose 640 points, near its high of 666 points up.

Similarly, both the S&P 500 and the Nasdaq were less than a tenth of a percentage point off their session highs. The S&P 500 was last up 1.42%, just off its session high of 1.5%. The Nasdaq Composite rose 1.06%, off its highest session gain of 1.16%.

See diagram…

The three indices

Fri Jun 02, 2023 2:42 PM EDT

Fitch says it will not remove its credit watch for the US despite the deal

The U.S. is not out of fiscal policy with Fitch, as the ratings firm said its sovereign debt remains on alert for a possible downgrade despite the debt ceiling deal.

“Achieving a deal despite heated political partisanship while modestly reducing fiscal deficits over the next two years are positive considerations,” Fitch said in a news release. “However, Fitch believes that repeated political standoffs over the debt limit and last-minute suspensions before the x-date (when the Treasury’s cash reserves and extraordinary measures are exhausted) reduce confidence in the management of fiscal and debt issues.”

The firm cited a “steady deterioration in governance over the past 15 years” as reasons for its pessimistic outlook and said it will “resolve” its credit watch status in the third quarter of 2023.

Moody’s said on Thursday it was not considering the US for a downgrade.

-Jeff Cox

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