Wall Street gains ground following a solid jobs report
NEW YORK (AP) — Stocks rose on Wall Street Friday following a better-than-expected report on the U.S. job market.
The S&P 500 index rose 1.2% in morning trading. The benchmark index remains on track to notch a second consecutive winning week.
The Dow Jones Industrial Average added 555 points, or 1.3% as of 10:02 a.m. Eastern. The Nasdaq composite rose 1.3%
The gains were broad, with every sector in the benchmark S&P 500 rising. Technology stocks, with their outsized values, gave the market its biggest boost. Chipmaker Nvidia jumped 1.6% and iPhone maker Apple rose 1.9%.
Tesla rose 3.6%, regaining some the big losses it suffered on Thursday when Trump and Musk sparred feverishly on social media.
U.S. employers slowed their hiring last month, but still added a solid 139,000 jobs amid uncertainty over President Donald Trump's trade war. The closely-watched monthly update reaffirmed that the job market remains resilient, despite worries from businesses and consumers about the impact of tariffs on goods going to and coming from the U.S. and its most important trading partners.
President Donald Trump's on-again-off-again tariffs continue to weigh on companies. Lululemon plunged 19.4% after the maker of yoga clothing cut its profit expectations late Thursday as it tries to offset the impact of tariffs while being buffeted by competition from start-up brands.
Lululemon joins a wide range of companies, from retailers to airlines, who have warned investors about the potential hit to their revenue and profits because of tariffs raising costs and consumers potentially tightening their spending.
Hopes that Trump will lower his tariffs after reaching trade deals with other countries have been among the main reasons the S&P 500 has rallied back so furiously since dropping roughly 20% from its record two months ago. It's now back within 2.1% of its all-time high.
In the bond market, Treasury yields gained ground. The yield on the 10-year Treasury rose to 4.47% from 4.39% late Thursday. The two-year Treasury yield, which more closely tracks traders' expectations for what the Federal Reserve will do with overnight interest rates, rose to 4.00% from 3.92% late Thursday.
Markets in Asia were mixed and markets in Europe were were mostly higher.
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