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Nasdaq hits new high on jobs numbers Dow soars on US climate deal withdrawal
(about 5 hours later)
Wall Street rose on Thursday morning following positive numbers on hiring in the private sector. Wall Street closed higher on Thursday following confirmation of President Trump's plan to withdraw from the Paris climate deal.
The Nasdaq Composite broke through to a new record high, up 26.5 points, or 0.4%, at 6,225 before falling back to 6,210. Several business executives had argued against the move, but President Trump said it would be good for the US economy.
The broader S&P 500 came within half a point of its all-time high of 2,418 before retreating slightly. The Dow Jones Index ended 135 points higher at 21,144.
In the first hour the Dow Jones index was up 13 points at 21,021 points. Business leaders including GE's chief executive Jeff Immelt criticised the move.
Mr Immelt said he was "disappointed". Elon Musk, founder of Tesla, confirmed he would leave the President's advisory council in response to the move.
Earlier in the day positive numbers on hiring in the private sector had also boosted share prices.
The Nasdaq Composite broke through to a new record high, and closed 48 points or 0.7% higher at 6,246.
The broader S&P 500 also reached a new high, closing up 18 points or 0.76% at 2,430.
The ADP jobs report showed private payrolls increased by an unexpectedly high 253,000 in May.The ADP jobs report showed private payrolls increased by an unexpectedly high 253,000 in May.
The private sector jobs numbers are more volatile than the non-farm payroll figures out tomorrow, but the markets are seeing them as a positive indicator for the economy.The private sector jobs numbers are more volatile than the non-farm payroll figures out tomorrow, but the markets are seeing them as a positive indicator for the economy.
Stronger jobs numbers would increase the chances of an increase in interest rates at the next meeting of the Federal Reserve on 14 June.Stronger jobs numbers would increase the chances of an increase in interest rates at the next meeting of the Federal Reserve on 14 June.
Separately, the Institute for Supply Management said its index of national factory activity ticked up to 54.9 last month from 54.8 in April.Separately, the Institute for Supply Management said its index of national factory activity ticked up to 54.9 last month from 54.8 in April.
West Texas Intermediate Crude Oil was steady after yesterday's falls, trading about $48.33 in early trade. West Texas Intermediate Crude Oil fell slightly. It was down $0.23 or 0.5% at $48.09 a barrel.
American Express shares were the second-best performer on the Dow, up 1.2% after it won a bid to become the exclusive credit card issuer for Hilton - the first new deal it has signed since 2015. American Express shares closed 1.7% higher after it won a bid to become the exclusive credit card issuer for Hilton - the first new deal it has signed since 2015.
Shares in telecoms group Verizon were the worst performer on the Dow, down 0.5% after reports emerged that its $100bn bid for the cable TV giant Charter had been turned down. Shares in telecoms group Verizon closed 0.28% lower after reports emerged that its $100bn bid for the cable TV giant Charter had been turned down.