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Markets

Stocks near record high on sharp hiring rebound

Opening sequence

Opening sequence

Markets

Stocks near record high on sharp hiring rebound

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COMING UP:Stocks near record high on sharp hiring rebound

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00:00:01
>> A rebound in the job market going a long way on Wall Street and the S&P 500 is flirting with a new record high. I'm Reuters reporter Conway Gittens in New York. A report released Friday showing the strongest number of jobs created in eight months, encouraging investors to let go of their fears that the US economy is heading into the dumps.
00:00:21
The 287,000 new jobs created in June strong enough to suggest that business confidence was strong going into Britain's decision to leave the European Union. Other data suggesting that sentiment is holding up. An economy that's not heading off the cliff means business is likely to pick up for the financial industry, so investors snapped up shares of American Express, Goldman Sachs, JP Morgan Chase and Visa.
00:00:49
The other group pushing the market to new highs has nothing to do with economic data and everything to do with the deadliest day for US police since the 9/11 attacks. The killing of five police officers in Dallas sparking speculation law enforcement is going to beef up spending on guns and wearable cameras.
00:01:08
Shares of Taser, which makes electronic stun guns and body cameras, soared to a one year peak. Gunmakers, Sturm, Ruger along with Smith and Wesson rallied sharply as well. Even though the market is near a new high, there are still uncertainties, both political and financial, that could rattle sentiment, including the upcoming Presidential nominating conventions in Cleveland and Philadelphia, ongoing concerns about Brexit and how long before the Federal Reserve resumes talk of a rate hike.