Dow Jones Industrial Average Gains 48 Points As OPEC Fails To Reach Accord

The Dow Jones Industrial Average today (Thursday, June 2) added 48 points and the S&P 500 hit its highest level since November. The rally in healthcare stocks was the primary boon for the broader markets. As usual, chatter on the trading floor centered on the timing of the next interest rate hike and the state of the global oil markets.

But today's private-sector jobs report puts a significant amount of focus on Friday's release of the May unemployment report. This morning, Advanced Data Processing said the U.S. economy created 173,000 private sector positions last month. That figure is slightly below consensus expectations.

The data indicates the service sector accounted for virtually every job created.

Here's what you need to know about the markets on June 2, 2016.

First up, check out the results for the Dow Jones Industrial AverageS&P 500, and Nasdaq:

Dow Jones Industrial Average

Dow Jones: 17,838.56; +48.89;+0.27%

S&P 500: 2,105.26; +5.93; +0.28%

Nasdaq: 4,971.36; +19.11; +0.39%

Now, here's the top stock market news today…

DJIA Today: Brexit Expected to Affect the Timing of the Next Interest Rate Hike

First up, the U.S. Federal Reserve is back in focus as the central bank prepares for its upcoming monetary policy meeting on June 14-15. Tomorrow's jobs report will be critical to the timing of the next interest rate move. A string of positive data – including a major boost in April consumer spending – has many investors expecting a hike either this month or in July.

However, Fed Board Governor Daniel Tarullo said this morning the central bank will have to consider the decision by UK voters over the possible Brexit when exploring the timing of the next rate hike. UK voters head to the polls after the June meeting, which suggests that if the central bank is very concerned about the health of the European economy, it will likely wait until July to consider a vote.

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