U.S. stocks soared Friday, helped by a strong jobs report, a day after fears about China’s slowing economy sent shock waves through markets worldwide.
The first week of 2019 has been riddled with the same volatility that plagued Wall Street throughout December, fueled by a partial government shutdown and concerns that China’s status as an engine of the global economy is likely in jeopardy.
After another two days of wild swings and a confounding jobs report, all major indexes bounced back, boosted by a healthy December jobs report and confirmation of upcoming trade negotiations with China.
The Dow Jones industrial average climbed more than 740 points, closing the day up 3.28 percent at 23,430.59. The Standard & Poor’s 500-stock index was up 3.43 percent at close, and the tech-heavy Nasdaq was up 4.26 percent.
Throughout his time in office, President Donald Trump has frequently pointed to the markets as proof of his success. But as the markets have crumbled, he has foisted blame on the Federal Reserve and on his opponents.
In tweets Friday morning, the president attributed the volatility on Wall Street to the Democrats’ takeover of the House but insisted “things will settle down.”
Thursday was particularly brutal day for markets after Apple announced that it was cutting its quarterly revenue forecast for the first time in 15 years because of “economic deterioration” in China. The company’s shares sank 10 percent, and other tech and China-exposed companies took similar hits, dragging the Nasdaq down 3 percent into bear territory.
Concerns about a Chinese slowdown sent markets down across the board in Europe and Asia on Thursday, but Friday brought somewhat of a rebound.