Nasdaq, S&P 500 jump 1% at open on US jobs data optimism
Wall Street saw a strong recovery on Friday. A government report indicated steady hiring. This eased concerns about an economic downturn. Investors are closely watching President Trump's tariffs. The Dow Jones, S&P 500, and Nasdaq all experienced gains. A phone call between Trump and Chinese President Xi Jinping boosted market sentiment. Tesla shares rebounded after a previous day's decline.
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Wall Street mounted a strong comeback Friday as a government jobs report showed that hiring was solid for now, easing fears of an imminent downturn as investors eye the effects of President Donald Trump's tariffs.The Dow Jones Industrial Average surged by 1.2 percent to 42,841.05, as did the S&P 500 Index to 6,010.83.The Nasdaq Composite Index jumped 1.4 percent to 19,563.88."The theme of resilience continues, and today's numbers ease some concerns about the downward downshift in growth" said Angelo Kourkafas of Edward Jones.He noted that employment has been steady while the corporate sector has shown strength as well as earnings season comes to a close."The foundation of this rally remains pretty solid," he said.Early Friday, US Labor Department figures showed that the world's biggest economy added 139,000 jobs in May, in a gradual easing from April's level.Meanwhile, a long-awaited phone call between Trump and Chinese President Xi Jinping on Thursday has also boosted sentiment, fueling hopes that trade tensions with China could ease eventually.Among individual companies, shares in Elon Musk's electric vehicle firm Tesla bounced in early trading, after tanking the day before.Major US indexes stumbled Thursday after a spat between Trump and Musk spilled into the public eye, dragging Tesla's share price down by more than 14%."Too Late' at the Fed is a disaster! Europe has had 10 rate cuts, we have had none. Despite him, our Country is doing great. Go for a full point, Rocket Fuel!" Trump said in a post on Truth Social.
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