Tuesday, 25 September, 2018

Stocks rise as investors cheer jobs report

Traders work on the floor of the NYSE in New York US: Wall St opens higher on hopes of trade concessions
Jean Garcia | 09 July, 2018, 08:43

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.

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

The Dow Jones Industrial Average rose 111.00 points, or 0.46 per cent, at the open to 24,285.82.

The United States and China slapped tit-for-tat duties on $34 billion worth of each other's imports on Friday, with Beijing accusing Washington of triggering the "largest-scale trade war" as the world's two biggest economies sharply escalated their conflict.

The broad-based S&P 500 advanced 23.39 points (0.86 per cent) to 2,736.61, while the tech-rich Nasdaq Composite Index jumped 83.75 points (1.12 per cent) to 7,586.43.

Private US firms added 177,000 employees last month, according to payrolls firm ADP, a bit below the pace in May but a level that was still seen as solid.

May secures cabinet backing for 'soft Brexit'
Britain said the proposal would also solve the problem of the Border between Northern Ireland and the Republic of Ireland. MPs are now waiting for more detail in a white paper to be published next Thursday.

While China accused Washington of triggering the "largest-scale trade war", US stock indexes rose.

Reflecting expectations that small USA companies are less at risk than multinationals from tariffs, the Russell 2000 index has outperformed the S&P 500, Dow and Nasdaq since early March.

The Dow is up 85.33 points, or 0.4 percent.

Investors were pleased to see that USA employers kept up a brisk pace of hiring last month, without having to hike wages that much.

The S&P 500 index rose 5 points, or 0.2 percent, to 2,741. The S&P 500 is up 3 percent so far in 2018, helped by deep corporate tax cuts that have boosted companies' earnings and led to massive share buybacks.

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