U.S. stocks closed higher Friday after a better-than-expected jobs report calmed worries about the economy, while Tesla bounced, clawing back some losses from a sharp plunge the previous session. Technology stocks kept rising.
Investors cheered news citing President Donald Trump as saying three cabinet officials will meet with representatives of China in London on June 9 to discuss a trade deal.
"The market will chase the trade deal carrot anytime it's available. The trick is whether any actual deal gets done," said Jamie Cox, managing partner at Harris Financial Group.
On Thursday, Trump and Chinese leader Xi Jinping spoke, after weeks of brewing trade tensions and a battle over critical minerals. They left key issues unresolved for future talks.
In early trading, U.S. data showed nonfarm payrolls increased by 139,000 jobs last month after rising by a downwardly revised 147,000 in April. Economists polled by Reuters had forecast payrolls advancing by 130,000 jobs.
The unemployment rate stood at 4.2%, in line with expectations.
Following the report, traders bet that Federal Reserve policymakers have little reason to rush on rate cuts. They are seen waiting until September to cut rates, with just one more cut in view by December, based on interest rate futures. Central bank policymakers meet later this month.
"We expect the Fed to remain on hold at this month's meeting and think a softening in the labor market data is likely required for the Fed to continue its easing cycle," said Lindsay Rosner, head of multi-sector fixed income investing at Goldman Sachs Asset Management.
Weaker-than-expected private payrolls numbers and surveys on the services sector this week had raised concerns that trade uncertainty could slow the economy.
U.S. equities rallied in May, with the S&P 500 index and the tech-heavy Nasdaq scoring their biggest monthly percentage gains since November 2023, thanks to softening of Trump's harsh trade stance and upbeat earnings reports.
Tom Rafferty, Super Bowl-winning Cowboys lineman, dead at 70
Former Cowboys lineman Tom Rafferty died Thursday, the team announced.
He was 70.
Rafferty had been hospitalized since May after suffering a stroke, and he died in Windsor, Colo., his daughter, Rachel Powers, confirmed.
Rafferty played on the Dallas offensive line for an impressive 14 seasons, protecting the likes of legendary quarterbacks Roger Staubach and Troy Aikman and clearing runways for running backs such as Tony Dorsett and Herschel Walker.
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Dow Rallies 440 Points on Jobs Data, China Hopes
U.S. stocks closed higher Friday after a better-than-expected jobs report calmed worries about the economy, while Tesla bounced, clawing back some losses from a sharp plunge the previous session. Technology stocks kept rising.
Investors cheered news citing President Donald Trump as saying three cabinet officials will meet with representatives of China in London on June 9 to discuss a trade deal.
"The market will chase the trade deal carrot anytime it's available. The trick is whether any actual deal gets done," said Jamie Cox, managing partner at Harris Financial Group.
On Thursday, Trump and Chinese leader Xi Jinping spoke, after weeks of brewing trade tensions and a battle over critical minerals. They left key issues unresolved for future talks.
In early trading, U.S. data showed nonfarm payrolls increased by 139,000 jobs last month after rising by a downwardly revised 147,000 in April. Economists polled by Reuters had forecast payrolls advancing by 130,000 jobs.
The unemployment rate stood at 4.2%, in line with expectations.
Following the report, traders bet that Federal Reserve policymakers have little reason to rush on rate cuts. They are seen waiting until September to cut rates, with just one more cut in view by December, based on interest rate futures. Central bank policymakers meet later this month.
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"We expect the Fed to remain on hold at this month's meeting and think a softening in the labor market data is likely required for the Fed to continue its easing cycle," said Lindsay Rosner, head of multi-sector fixed income investing at Goldman Sachs Asset Management.
Weaker-than-expected private payrolls numbers and surveys on the services sector this week had raised concerns that trade uncertainty could slow the economy.
U.S. equities rallied in May, with the S&P 500 index and the tech-heavy Nasdaq scoring their biggest monthly percentage gains since November 2023, thanks to softening of Trump's harsh trade stance and upbeat earnings reports.
Tom Rafferty, Super Bowl-winning Cowboys lineman, dead at 70
Former Cowboys lineman Tom Rafferty died Thursday, the team announced.
He was 70.
Rafferty had been hospitalized since May after suffering a stroke, and he died in Windsor, Colo., his daughter, Rachel Powers, confirmed.
Rafferty played on the Dallas offensive line for an impressive 14 seasons, protecting the likes of legendary quarterbacks Roger Staubach and Troy Aikman and clearing runways for running backs such as Tony Dorsett and Herschel Walker.