US Close 11 Jul 16: US payrolls and low volatility pushed markets higher.

US sharemarkets rose on Friday with the S&P 500 briefly trading above its record closing high. The strength in employment data proved a catalyst for investors. The S&P Material (+2.5%) and Industrial (+1.9%) sectors recorded the largest gains on the back of hopes of a stronger economic recovery. The S&P Financial sector rose 1.8%, with Wells Fargo (+2.1%) and JP Morgan (+2.1%). The Dow Jones index rose by almost 251 points or 1.4%. The S&P 500 index rose by 1.5% while the Nasdaq rose by 80 points or 1.6%. For the week the Dow Jones rose 1.1%, the S&P 500 gained 1.3% and the Nasdaq rose 1.9%.

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