Stocks rose on Friday on the back of stronger-than-expected employment data. Investors also shrugged off concerns over an escalating trade war between the U.S. and China.
The Dow Jones Industrials was off its highs of the day, but still positive 99.74 points to 24,456.48, with Apple and Microsoft outperforming.
The S&P 500 gained 23.21 points to 2,759.82, with health care rising 1.5%.
The NASDAQ hiked 101.96 points, or 1.3%, to 7,688.39. Facebook rose to an all-time high
U.S. tariffs on $34 billion of Chinese goods came into effect earlier on Friday. China responded to the fresh tariffs by imposing its own retaliatory levies on imports from the States.
A spokesperson for China’s Ministry of Commerce stated Friday that while Beijing had refused to “fire the first shot,” it was obligated to counter the U.S.’ actions after Washington “launched the largest trade war in economic history.”
Boeing rose 0.4%, erasing earlier losses. Caterpillar and General Motors, meanwhile, closed off their lows of the day. These companies are sensitive to trade news because of their overseas revenue exposure.
Biogen shares rose nearly 20% after the company announced positive results from a study on a drug aimed at treating early Alzheimer’s disease.
The U.S. economy added 213,000 jobs in June, while economists expected a gain of 195,000. Unemployment, however, rose slightly to 4% from 3.8%. Wage growth also missed expectations, climbing 2.7% on a year-over-year basis. Economists expected growth of 2.8%.
Prices for the benchmark for the 10-year U.S.Treasury gained slightly, lowering yields to 2.83% from Thursday’s 2.84%. Treasury prices and yields move in opposite directions.
Oil prices regained 88 cents to $73.82U.S. a barrel.
Gold prices faded $2.70 to $1,256.10U.S. an ounce.
This article provided by NewsEdge.