DAMIAN J. TROISE
4 min read
In This Article:
NEW YORK (AP) — Stocks gained ground on Wall Street Friday following a better-than-expected report on the U.S. job market.
The gains were broad, with every sector in the S&P 500 rising. That solidified a second consecutive winning week for the benchmark index, which has rallied back from a slump two months ago to come within striking distance of its record high.
The S&P 500 rose 61.06 points, or 1%, to 6,000.36. It is now within 2.3% of its record.
The Dow Jones Industrial Average rose 443.13 points, or 1%, to 42,762.87. The Nasdaq rose 231.50 points, or 1.2%, to 19,529.95.
Technology stocks, with their outsized values, led the broad gains. Chipmaker Nvidia jumped 1.2% and iPhone maker Apple rose 1.6%.
Tesla rose 3.7%, regaining some of the big losses it suffered on Thursday when Trump and Musk sparred feverishly on social media.
Circle Internet Group, the U.S.-based issuer of one of the most popular cryptocurrencies, rose 29.4%. That adds to its 168% gain from Thursday when it debuted on the New York Stock Exchange.
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.
“It looks like, for now, everything is kind of running smoothly,” said Chris Zaccarelli, chief investment officer for Northlight Asset Management. “Investors see that as a positive, but we also haven't seen the full effect of tariffs yet.”
President Donald Trump’s on-again-off-again tariffs continue to weigh on companies. Lululemon Athletica plunged 19.8% 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. Senior U.S. administration officials will meet with a Chinese delegation on Monday in London for the next round of trade negotiations between Washington and Beijing.
