US stocks trade higher on solid jobs data

New York, July 7 (IANS) US stocks traded on an upbeat note on Friday as investor sentiment was bolstered by encouraging jobs data.

The Dow Jones Industrial Average jumped 138.86 points, or 0.57 per cent, to 24,495.60. The S&P 500 was up 24.75 points, or 0.90 per cent, to 2,761.36, Xinhua news agency reported.

The Nasdaq Composite Index climbed 91.19 points, or 1.21 per cent, to 7,677.62.

The Dow reversed early losses to secure triple-digit gains with McDonald’s and Microsoft among the best performers.

Shares of the companies rose 1.51 per cent and 1.37 per cent, respectively. All the 11 primary S&P 500 sectors traded higher. The Nasdaq Composite also advanced as share of Biogen surged more than 15 per cent.

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On the economic front, total nonfarm payroll employment increased by 213,000 in June, beating market consensus, while the unemployment rate rose to 4 per cent, the US Labour Department reported.

Job growth occurred in professional and business services, manufacturing, and health care, while retail trade lost jobs.

Wall Street also kept a close watch to the latest US-China tariff moves.

The US announced the 25-per cent additional tariff on $34 billion of imports from China took effect on Friday, Immediately after that, China’s retaliatory tariffs of equal scale went into force.

–IANS

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