Stocks jump on jobs data, trade optimism
Axios markets editor Dion Rabouin and Moody’s vice president William Foster discuss the November jobs report, the economy and China tariffs.
U.S. equity futures were slightly lower to start the week, following a rally after a better-than-expected jobs report on Friday.
Continue Reading Below
The three major futures indexes are indicated a decline of just 0.1 percent when trading begins on Wall Street.
Asian shares were mostly higher Monday, cheered by a wave of buying late last week on Wall Street that was spurred by strong U.S. jobs numbers and optimism over China-U.S. trade.
Japan's benchmark Nikkei 225 edged up 0.3 percent, Hong Kong's Hang Seng was flatand the Shanghai Composite added 0.1 percent.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The Japanese Cabinet Office reported Monday that the economy expanded at a 1.8 percent annual pace in July-September, spurred by strong consumer purchases ahead of an Oct. 1 sales tax hike. That was much stronger than the 0.2 percent growth earlier reported and marked a fourth straight quarter of expansion for the world's No. 3 economy.
In Europe, London's FTSE was lower by 0.2 percent, Germany's DAX slid 0.1 percent and France's CAC fell 0.3 percent.
The surprisingly strong U.S. jobs report had put investors in a buying mood on Wall Street, extending the market’s winning streak to a third day.
|I:DJI||DOW JONES AVERAGES||28015.06||+337.27||+1.22%|
|I:COMP||NASDAQ COMPOSITE INDEX||8656.528802||+85.83||+1.00%|
The Dow Jones Industrial Average jumped more than 300 points, while the S&P 500 erased losses from earlier in the week, nudging the benchmark index to a second consecutive weekly gain.
US JOB GROWTH SURGES IN NOVEMBER, WITH 266,000 ADDED
The Labor Department said employers added 266,000 positions, well above estimates of 184,000. The report also showed unemployment falling to a 50-year low. Separately, an index that measures how consumers feel about the economy showed an increase from last month.Friday’s batch of encouraging economic data capped what started as a rough week for the market.
CLICK HERE TO READ MORE ON FOX BUSINESS
Increased trade tensions and disappointing economic reports — including data showing manufacturing continues to shrink and growth in the service sector is slowing — dragged the market to steep losses on Monday and Tuesday.
The Associated Press contributed to this article.
Source: Read Full Article