Wall Street powers up after strong employment data

US equity indices rose on Thursday after the release of employment figures that significantly exceeded analysts’ expectations.

Data from the Bureau of Labor Statistics showed that the US economy added around 147,000 jobs in June, well above the 110,000 forecast by Dow Jones. May’s figure was also revised upward to 144,000.

In a separate report, initial jobless claims fell by 4,000 to 233,000 for the week ending June 28 — the lowest level since May 17. Analysts had expected an increase to 240,000.

Following the strong jobs data, the yield on the 2-year US Treasury — which is highly sensitive to changes in monetary policy — rose by 8.3 basis points to 3.872% as of 4:27 p.m. Mecca time. The 10-year yield climbed by 4.3 basis points to 4.336%, after touching 4.364%, while the 30-year yield rose by 2.6 basis points to 4.849%.

Wall Street will close early today ahead of the Independence Day holiday, with US markets shut on Friday.

As for trading activity, the Dow Jones Industrial Average rose by 0.8% (375 points) to 44,855 as of 16:09 GMT. The broader S\&P 500 gained 0.8% (51 points) to 6,278, while the Nasdaq Composite climbed 0.9% (198 points) to 20,590.