Wall Street closes higher with optimism about tariffs and employment data
The U.S. economy created 177,000 jobs in April, exceeding expectations, while the unemployment rate remained stable at 4.2%.
Wall Street stocks advanced this Friday, marking the second consecutive week of gains, driven by strong U.S. economic data and the potential easing of trade tensions between the United States and China.
The U.S. economy created 177,000 jobs in April, exceeding expectations, while the unemployment rate remained stable at 4.2%. The data helped ease concerns about an economic slowdown after a report from the U.S. Department of Commerce showed a contraction in U.S. Gross Domestic Product for the first time in three years, affected by a surge in imports driven by tariffs.
Beijing said on Friday that it is "assessing" a Washington offer to discuss the 145% tariffs imposed by U.S. President Donald Trump on China.
The tariffs between the two largest economies in the world have kept investors wary, with both sides unwilling to back down in a trade war that has shaken global markets.
Trump says U.S. economy is in "transition" and calls for the Fed to cut interest rates
The statement was made after the release of data showing a marginal slowdown in job creation in the U.S. in April.
Payroll: U.S. adds 177,000 jobs in April, above expectations
The LSEG/Reuters consensus expectation was that the U.S. economy would add 130,000 jobs.
To further boost optimism this Friday, data showed job creation in the U.S. exceeded expectations in April, with the unemployment rate stable at 4.2%.
