Markets > Stocks

U.S. stocks rally amid robust jobs data

2019-05-04 04:47

Already collect

NEW YORK, May 3 (Xinhua) -- U.S. stocks rallied on Friday as market sentiment was fueled by the better-than-expected jobs data.

The Dow Jones Industrial Average jumped 197.16 points, or 0.75 percent, to 26,504.95. The S&P 500 rose 28.11 points, or 0.96 percent, to 2,945.63. The Nasdaq Composite Index climbed 127.22 points, or 1.58 percent, to 8,164.00.

All the 11 primary S&P 500 sectors traded on an upbeat note throughout the session and finished higher. Consumer discretionary and industrials gained 1.40 percent and 1.24 percent, respectively, outpacing the rest.

Major U.S. tech-heavy stocks or the so-called FAANG group of Facebook, Apple, Amazon, Netflix and Google-parent Alphabet, advanced, contributing to the market rally.

Wall Street cheered the robust U.S. jobs data.

U.S. total nonfarm payroll employment increased by 263,000 in April, according to the Department of Labor on Friday. The reading easily topped market consensus.

Notable job gains occurred in professional and business services, construction, health care, and social assistance.

Meanwhile, the unemployment rate declined by 0.2 percentage point to 3.6 percent in April, the lowest rate since December 1969, said the department.

Friday's gains in U.S. equities followed substantial losses in the past two consecutive sessions after the Federal Reserve on Wednesday dampened hopes for immediate rate cuts. Enditem
Add comments

Latest comments

Latest News
News Most Viewed