US stock market higher despite trade concerns
U.S. stocks closed mostly higher Monday despite further threats by the White House to impose greater tariffs on Chinese goods.
The S&P 500 and Nasdaq Composite each finished slightly higher, ending a four-day losing streak. The Dow Jones Industrial Average ended the day in slight negative territory.
CBS shares closed down about 1.5 percent, paring earlier losses, after it was announced Monday that CEO Les Moonves has stepped down, effectively immediately, amid more allegations of sexual harassment.
Under terms of the settlement, Moonves will leave his posts – which include chairman and president of the company – immediately and will be replaced by CBS COO Joseph Ianniello, who will serve as president and acting CEO until a permanent successor is found.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43444.99 | -305.87 | -0.70% |
| SP500 | S&P 500 | 5870.62 | -78.55 | -1.32% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18680.120875 | -427.53 | -2.24% |
In economic news, the U.S. added 201,000 jobs last month, surpassing expectations, while the unemployment rate was stable at July's 3.9 percent. Wages finally picked up, with the annual pace of wage growth rising to 2.9 percent from August’s 2.7 percent, the Labor Department said Friday.
Payrolls increased by 201,000 in August and the unemployment rate stayed at 3.9 percent. Analysts polled by Thomson Reuters anticipated an additional 191,000 jobs with the unemployment rate decreasing to 3.8 percent from July’s 3.9 percent.
Meanwhile, the trade dispute between the U.S. and China could escalate as the White House was threatening to place additional duties on Chinese goods. In a related matter, U.S. and Canadian officials continued negotiations over a revised North American Free Trade Agreement.
On Saturday, President Trump tweeted that Apple should make products in the United States if it wanted to avoid tariffs on Chinese imports. That sent shares of Apple suppliers falling across Asia.
FOX Business' Leia Klingel contributed to this article.