Stocks closed higher Tuesday as investors cheered some bad-news-is-good-news jobs data. Sentiment also got a lift from an outsized rally in tech stocks that was fueled by declining Treasury yields and a round of bargain hunting.
Shortly after the opening bell rang, the Bureau of Labor Statistics said job openings fell by 338,000 in July to 8.8 million – their lowest level since March 2021. Professional and business services saw the biggest decline in job openings (-198,000), while the information field experienced the largest increase (+101,000). Meanwhile, the number of people quitting their jobs fell to 3.5 million from 3.8 million in June.
