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Monday 18

June, 2018 1:57 PM



US stocks rise as unemployment hits 18-year low

US stocks rise as unemployment hits 18-year low

US stocks rose early Friday as a solid jobs report offset worries about deepening trade tensions following US tariffs on imported steel and aluminum from Europe, Canada and Mexico.

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02.06.2018 12:56 AM

US stocks rose early Friday as a solid jobs report offset worries about deepening trade tensions following US tariffs on imported steel and aluminum from Europe, Canada and Mexico.

About 10 minutes into trading, the Dow Jones Industrial Average was up 0.8 percent at 24,610.21.

The broad-based S&P 500 jumped 0.7 percent to 2,725.16, while the tech-rich Nasdaq Composite Index advanced 0.8 percent to 7,498.91.

The Labor Department reported that the US added 223,000 non-farm jobs last month, stronger than the consensus forecast of economists and that unemployment fell 3.8 percent, its lowest level in 18 years.

"The May employment report was strong across-the-board," said a note from Oxford Economics.

But the Trump administration's tariff announcement on Thursday to take action against imports from some of the US' best allies continued to reverberate across the global economy, as the EU prepared a series of counter measures and submitted a legal challenge to trade actions by China and the United States at the World Trade Organization.

Economists fear a tit-for-tat trade war could derail the global economy.

 

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