S&P 500 Rebounds In First Week Of July As US Labor Market Remains Strong

The SPDR S&P 500 ETF Trust (NYSE: SPY ) kicked off the second half of 2022 with a strong week of gains amid signs the U.S. labor market remains strong. On Friday, the Labor Department reported the U.S. economy added 372,000 jobs in June, beating economist estimates of 250,000 jobs. The unemployment rate remained steady at 3.6%, and hourly wages were up 5.1% from a year ago. On Wednesday, the Federal Open Market Committee released its June meeting minutes, and the Fed's language suggests it will likely opt for another 0.75% interest rate hike in July. Rate hikes could "slow the pace of economic growth for a time," the Fed warned, adding how ... Full story available on Benzinga.com