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Wall St rises in early deals

Friday, June 06 15:59:41

U.S. stocks rose today, with major indexes extending a rally that has taken them to repeated records, after the May payrolls report provided the latest confirmation that economic conditions were improving.

The day's gains were broad and led by cyclical sectors, which outperform in times of economic expansion. Financials were the day's biggest gainers, up 0.5 percent, followed by consumer discretionary names, up 0.4 percent. The only S and P 500 sectors that fell on the day were telecom and utilities, both of which are defensive groups.

About 217,000 jobs were added in May, slightly fewer than expected, while the unemployment rate held steady at 6.3 percent. This is the first time job growth has topped 200,000 for four consecutive months since January 2000.

The S&P 500 is on track for its tenth rise of the past 12 sessions. If it ends at a record on Friday, which it is on track to do, that will mark its sixth record in the past seven sessions.

"The market's momentum will eventually wane, but fundamentals look OK to fairly strong, and I'll take strong economic data like this any day," said Andres Garcia-Amaya, Global Market Strategist at J.P. Morgan Funds in New York, which has $400 billion in assets under management.

The Dow Jones industrial average rose 47.21 points or 0.28 percent, to 16,883.32, the S and P 500 gained 5.09 points or 0.26 percent, to 1,945.55 and the Nasdaq Composite added 16.53 points or 0.38 percent, to 4,312.75.