Wall Street opens higher after strong jobs data, calmer tone on trade

Wall Street climbs on solid jobs data trade hopes

Wall Street climbs on solid jobs data trade hopes

Major stock indexes ended a choppy week with solid gains after the government reported that hiring in the US jumped last month to the highest level since January and more in Friday's Stock Market Update.

The Dow is up 4,322.32 points, or 18.5%.

The S&P 500 and Nasdaq each rose more than 0.8% as well.

Larry Kudlow, the White House National Economic Council director, told CNBC the USA and China are "close" to a trade pact, but President Trump could walk away if he doesn't get terms he wants. JPMorgan Chase rose 1.5%. Apple shares also reached record levels, gaining 1.9%. Goldman Sachs shares jumped 3.4%.

"Going into year-end, I think we're going to get a pretty good push higher", Katz added.

The major indices are closing with solid gains on the day after strong job gains. The Dow and Nasdaq each entered Friday trading down more than 1% week to date. They were only down 0.1% each for the week after the session began.

Stocks also closed just below their record highs reached November 27. The Hang Seng rose 1.07% while Japan's Nikkei-225 climbed 0.23% and China's Shanghai Composite advanced 0.43%. The Dow and Nasdaq are both 0.6% off their records.

US employers added 266,000 jobs in November, and the unemployment rate has dropped slightly to 3.5 per cent, the US Bureau of Labour Statistics reported Friday. Economists are expecting a reading of 187,000 jobs added in November. The unemployment rate edged down to 3.5%.

Household spending has proved to be crucial this year for USA economic growth, though the Federal Reserve has also cut rates three times to help bolster output amid rising fears of a global slowdown. The high price reached 8665.44.

The yield on the 10-year Treasury rose 2.5% to 1.842% while yield on the 30-year Treasury gained 1.65% to 2.284%.

Gold futures shed 1.2% to settle at $1,465.10 per ounce. "Primarily because of (trade negotiations), there's been a lot of uncertainty with management". It also "puts a lot of questions to rest".

That may be taken as a positive sign for trade discussion toward a partial trade pact after the W earlier in the week that the value of the farm goods China will buy from the U.S.is still an issue, as trade representatives in China are still pushing for a phaseout of earlier tariffs. China started off the week saying it wants tariffs to be canceled as part of a "phase one" trade deal. President Donald Trump later said he could hold off on any deal until after the 2020 US election.

Health care and financial stocks were among the biggest winners Wednesday as traders became more hopeful that a trade deal between the USA and China was making progress. White House economic aide Larry Kudlow told CNBC a deal between the two economic giants "is still close". "The president has said that if we cannot get the enforcement and the assurances, then we will not go forward", Kudlow said.

If no deal is reached soon, more tariffs on Chinese goods would kick in from December 15.

On Thursday, Trump said China and the U.S. were drawing closer to a trade deal despite tariffs on another $156bn-worth of Chinese goods being set to go into effect on 15 December.

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