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Biden hails 850,000 monthly US jobs and says: ‘This is historic progress’ – live

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On Wall Street, stocks have hit a new record high as investors welcome today’s employment report.

The S&P 500, which covers a broad swathe of the US market, is up 13 points or 0.3% at 4,333 points in early trading.

The tech-focused Nasdaq also hit a new high, currently up 54 points or 0.35% at 14,576.

The Dow is slightly higher at 34,661.58 with tech stocks leading the way: Intel, Apple and Microsoft are all up around 1.2%, while aerospace manufacturer Boeing and pharmaceuticals group Walgreens Boots Alliance are both down around 1.8%.

The US economy added 850,000 jobs in June, as American companies continue to take on staff as demand picks up.

That’s more than the 700,000 increase which Wall Street expected.

May’s non-farm payroll has been revised up too, to show 583,000 new hires (up from 559,000).

But the unemployment rate has risen, to 5.9% from 5.8%, suggesting more people are looking for work.

The Guardian’s business live blog has more details and analysis of the report, so follow along there:

On the surface, the charges against Allen Weisselberg did seem like “smaller fish”. In an interview with Politico, Donald Trump’s lawyer Ronald Fischetti said: “It’s like the Shakespeare play Much Ado About Nothing. This is so small that I can’t believe I’m going to have to try a case like this.”

But surfaces can be deceptive.

After three years of subpoenas, supreme court hearings and existential legal rows about the legality of charging a president of the United States with wrongdoing, New York’s fearsome prosecutorial team have charged a little-known 73-year-old accountant with defrauding taxpayers of $1.7m over 15 years. That is big money for most people, but not an amount that would worry Trump, who Forbes calculates is worth $2.4bn.

Downplaying the significance of this week’s indictment would, however, be a mistake. Alongside Weisselberg, Manhattan district attorney Cyrus Vance, and the New York state attorney general Letitia James also charged the Trump Organization with tax fraud, the start of a process that could crack the secretive Trump empire wide open.

The salvo in the long-brewing legal battle will, at the very least, wrap up Trump for years in legal woes, and at worst could destroy his family business and put not just Weisselberg but the Trump family members who run his business and Trump himself in the dock.