United States stocks trade higher on solid jobs data

09 July, 2018, 08:44 | Author: Eric Barnett
  • Traders work on the floor of the NYSE in New York

United States stocks traded on an upbeat note on Friday as investor sentiment was bolstered by encouraging jobs data.

Friday's gains on Wall Street followed two weeks of losses as trade tensions between the world's two largest economies mounted.

US stocks closed broadly higher Thursday as solid gains in technology and health care companies set the market on course to snap a two-week losing streak.

The Standard & Poor's 500 index was up 24.53 points to 2,761.14. The Nasdaq Composite gained 47.98 points, or 0.64 per cent, to 7,550.66 at the opening bell.

The US announced the 25-per cent additional tariff on $34 billion of imports from China took effect on Friday, Immediately after that, China's retaliatory tariffs of equal scale went into force.

Instead, investors were encouraged by a solid pickup in hiring by USA employers last month. Investors have pulled money out of emerging markets and European equities more quickly over the last two months than in 2016, Bank of America Merrill Lynch strategists said on Friday in a weekly note.


The Russell 2000 index of smaller-company stocks picked up 19.06 points, or 1.1 percent, to 1,679.48.

The Dow Jones Industrial Average climbed 116 points, or 0.5 percent, to 24,475.

The gains came despite an escalation in trade tensions as the USA imposed tariffs on Chinese goods and China responded in kind.

US crude rose 1.22 percent to $73.83 per barrel and Brent was last at $77.07, down 0.41 percent on the day.

The Nasdaq gained 178.08 points, or 2.4 percent.

The Russell 2000 is up 158.54 points, or 10.3 percent.

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