A day ahead of the monthly jobs report, the S&P hit a seven-month high with the Nasdaq posting its seventh day of gains. Bobbi Rebell reports.
Wall Street closed slightly higher on Thursday with the S&P at a seven-month high. Upbeat economic data countered declines in tech and energy stocks. New data showed a weekly drawdown in U.S. crude oil stockpiles. That overshadowed earlier news that OPEC had failed to reach a deal to freeze output. Energy portfolio manager Rob Thummel of Tortoise Capital: (SOUNDBITE) ROB THUMMEL, PORTFOLIO MANAGER, TORTOISE CAPITAL (ENGLISH) SAYING: "What we have seen is oil, or OPEC, is becoming less relevant. The U.S. is becoming more relevant, and you can see that today when oil started down, but then recovered after the information came out from the energy information association. " Encouraging jobs data. U.S. private employers increased hiring in May. A separate report showed new applications for jobless benefits fell last week. Johnson and Johnson on the move higher, after agreeing to buy privately held hair care products maker Vogue International for $3.3 billion dollars. Apple losing ground after Goldman Sachs cut its price target on the stock citing lower growth expectations for the smartphone industry. And lots of joy for shareholders of Joy Global. The mining equipment maker surprised with better profits than expected. More bad news on those Takata airbags. Six automakers are recalling nearly two and a half million U.S. vehicles with the defective air bag inflators, according to documents posted with government regulators. In Europe, the ECB kept rates on hold, and the major indexes closed mixed.