The Dow Jones Industrial Average climbed to a record closing high on Thursday (Friday AEST) as weaker-than-expected United States employment data eased concerns over further interest rate increases, while continued weakness in semiconductor stocks weighed on the Nasdaq ahead of the Independence Day holiday.
The Dow rose 594.8 points, or 1.1%, to close at 52,900.1, the S&P 500 finished little changed, at 7,483.24, while the Nasdaq Composite fell 207.4 points, or 0.8%, to 25,832.7.
For the week, the Dow gained 2%, marking its fourth consecutive weekly advance, its longest winning streak since October 2024. The S&P 500 added 1.8%, while the Nasdaq rose 2.1%.
U.S. financial markets will remain closed on Friday for the Independence Day public holiday.
Investor sentiment was supported by the latest U.S. labour market data, which showed nonfarm payrolls increased by 57,000 in June, well below forecasts of 110,000 new jobs.
The unemployment rate came in at 4.2%, compared with expectations of 4.3%.
The softer employment figures followed a period of stronger job creation and prompted investors to scale back expectations of further monetary tightening by the Federal Reserve.
According to the CME Group FedWatch Tool, the probability of an interest rate increase at the Fed's September meeting declined to 53.2% from 64.1% prior to the release.
Apple shares rose 4.8%, providing significant support across the major U.S. indices after a Nikkei Asia report said the company plans to release five new iPhone models.
Technology stocks were otherwise under pressure as semiconductor shares extended recent losses. Nvidia fell 1.4%, while SanDisk slumped 14.1% and Micron Technology declined 5.5%.
Tesla shares dropped 7.5% despite the electric vehicle maker reporting second-quarter deliveries that exceeded market expectations. The stock had rallied strongly earlier in the week ahead of the delivery figures.
On the bond markets, the yield on the 10-year U.S. Treasury note edged up 0.04% to 4.485%, while the two-year Treasury yield fell 1% to 4.137%.
