Blue chips gained Friday in New York, led by gains in Apple and IBM, as investors pored through newly proposed tariffs on U.S. goods by China and fresh jobs data.
The Dow Jones Industrial Average added 136.42 points to 25,462.58, as Apple rose 0.3%, adding to its market cap of more than $1 trillion.
The tech giant reached the milestone for the first time on Thursday as investors cheered strong quarterly results released earlier this week. IBM also contributed to The Dow’s gains, rising more than 3%.
The S&P 500 picked up 13.13 points to 2,840.35, as consumer staples outperformed.
The NASDAQ finished a rollercoaster day on the upside 9.33 points to 7,812.02
The three major indexes closed higher for the week, with the S&P 500 progressing 0.8% and NASDAQ rising 1%. The Dow rose just 0.04% this week. The S&P 500 and Dow also posted their fifth straight weekly gain, however.
The U.S. Labor Department said the stateside economy added 157,000 jobs last month. Economists expected a gain of 190,000.
The headline jobs growth number for July missed expectations, but past months’ figures were revised substantially higher. Plus, wage growth met expectations. Jobs growth for June was revised up to 248,000 from 213,000, while wages grew by 2.7% in July on a year-over-year basis.
Investors take a close look at the jobs report every month as they look for clues regarding the pace of the Federal Reserve’s future interest rate hikes. The Fed kept interest rates unchanged after a meeting this week, but market expectations for a rate hike in September are at 93.6%.
China said Friday it will slap tariffs on $60 billion in U.S. goods, with charges ranging from 5% to 25%. Many of the goods are agricultural-related, with others on various metals and chemicals.
Prices for the benchmark for the 10-year U.S.Treasury inched up, lowering yields to 2.95% from Thursday’s 2.99%. Treasury prices and yields move in opposite directions
Oil prices docked 36 cents to $68.60U.S. a barrel.
Gold prices gained $1.70 to $1,221.80U.S. an ounce.
This article provided by NewsEdge.