US stocks gathered on Friday as better employment growth than expected from China regarding trade negotiations and new signals helped investors shake up recent concerns about tariffs.
The S&P 500 extended their winning streak to nine days. This is the longest in 20 years.
The S&P 500 rose 1.47%, marking its ninth consecutive day of profit since November 2004. The Dow Jones Industrial Average scored 1.39%, or more than 570 points, while the NASDAQ Composite rose 1.51%.
The market responded proactively to the Labor Bureau’s April employment report. This showed that the US added 177,000 non-farm payroll calculations, far exceeding the forecast of around 135,000 economists.
The unemployment rate is stable at 4.2%, suggesting continued resilience in the labor market despite recent economic headwinds.
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China’s willingness to speak
Investor sentiment was further supported by potential melting in US-China trade relations.
China’s Commerce Department said it was evaluating recent proposals from the US, and expressed its willingness to start formal consultations if the US rolls back new tariffs.
Beijing’s openness was seen as a change in tone following President Trump’s announcement of the “liberation day” tariffs on April 2.
Bright employment data and positive trade signals have helped offset the concerns caused by the large recent technology revenues.
Apple’s shares fell almost 5% after warning that tariffs could cost $900 million this quarter. Amazon’s stock was flat after issuing guidance that fell below analyst expectations.
Despite Friday’s optimism, investors’ attention remains. Market participants are closely monitoring interest rate clarity, and traders will return expectations for a June Fed cut.
The Treasury rose, and the dollar slipped slightly as the market was recalibrated.
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