S&P 500 climbs toward historic streak as jobs data, China talks boost sentiment
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U.S. stocks rallied Friday as better-than-expected job growth and fresh signals from China about trade negotiations helped investors shake off recent concerns around tariffs. The S&P 500 extended its winning streak to nine days, which is the longest in 20 years. The S&P 500 rose 1.47%, marking its ninth straight day of gains—its longest winning streak since November 2004. The Dow Jones Industrial Average gained 1.39%, or more than 570 points, and the Nasdaq Composite climbed 1.51%. Markets responded positively to the Labor Department’s April employment report, which showed the U.S. added 177,000 nonfarm payrolls, well above economists’ forecasts of around 135,000. The unemployment rate held steady at 4.2%, suggesting continued resilience in the labor market despite recent economic headwinds. China’s willingness to talk Investor sentiment was further buoyed by a potential thaw in U.S.-China trade relations. China’s Commerce Ministry said it is evaluating recent proposals from the U.S. and signaled a willingness to start formal talks if the U.S. rolls back new tariffs. Beijing’s openness was seen as a shift in tone following President Trump’s April 2 “Liberation Day” tariff announcements. The upbeat jobs data and positive trade signals helped offset concerns sparked by recent Big Tech earnings. Apple shares dropped nearly 5% after warning that tariffs could cost the company $900 million this quarter. Amazon shares were flat after issuing guidance that fell below analyst expectations. Despite Friday’s optimism, investor caution remains. Market participants are closely watching for clarity on interest rates, with traders dialing back expectations for a June Fed cut. Treasury yields rose, and the dollar slipped slightly as markets recalibrated. Source: https://crypto.news/sp-500-climbs-toward-historic-streak-as-jobs-data-china-talks-boost-sentiment/
Filed under: News - @ May 3, 2025 12:26 am