Stocks rise as traders digest trade developments, US economic health
Monness, Crespi, Hardt & Co.'s Brian White on the state of the tech sector.
Stocks rose Friday as traders digested the highly anticipated monthly jobs report while understanding the latest trade-related headlines.
The Dow Jones Industrial Average rallied 136.42 points, or 0.54%, to 25,462.58. The S&P 500 climbed 13.13 points, about 0.4%, to 2,840.35. The Nasdaq Composite was up 9.33 points, or 0.12%, at 7,812.02.
The blue-chip Dow and the S&P closed the week in positive territory, extending their winning streaks to five weeks.
The U.S. economy added 157,000 jobs in July, below the 190,000 analysts polled by Thomson Reuters were expecting. The unemployment rate fell to 3.9% from June's 4%. Monthly wage growth was 0.3%. Both wage growth and the unemployment rate met expectations.
Meanwhile, China on Friday said it's planning tariffs on about $60 billion worth of U.S. imports, saying that the measure is to “guard its interests and keep trade frictions from escalating.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
| SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
Other economic data released on Friday including the ISM non-manufacturing index, which fell to 55.7 in July versusthe 58.5 expected. Any reading above 50 signals expansion.
Earnings remained in the spotlight, with Berkshire Hathaway among the reports that could garner attention. Berkshire will release its results Saturday morning.
Commodities were mixed on Friday.
Stocks posted mixed results Thursday, as traders' concerns about the Trump administration’s proposal to tack on a 25% tariff on $200 billion worth of Chinese imports eased and they turned their focus to positive earnings and economic data.
FOX Business’ Ken Martin contributed to this article.