An encouraging jobs report reassured investors that the U.S. economy is still solid, despite factories' pain from President Trump's trade war.
U.S. stock indexes set new record highs again Friday after an encouraging jobs report gave reassurance that the nation’s economy is still solid, despite the pain that factories are feeling from President Trump’s trade war.
The Nasdaq composite climbed 94.04 points, or 1.1%, to 8,386.40, setting a new record for the first time since July. The Dow Jones industrial average climbed 301.13, or 1.1%, to 27,347.36. It’s within 12 points of its record high, set in July.Together, Friday’s reports solidified Wall Street’s view that the economy is nestled in a sweet spot. The job market is strong enough to encourage spending by households, which has been the economy’s driving force.
Earlier in the day, yields were under pressure immediately after the manufacturing report’s release, which showed a third straight month of contraction. The report echoed weak data points on manufacturing from around the world as factories feel the brunt of the global trade war.But even there, economists see some glimmers of optimism, such as a rebound in export orders, said Derek Hamilton, global economist at Ivy Investments.
“If we wake up tomorrow morning and get a tweet from President Trump that the deal is off, we’re raising tariffs, then all this is out the window,” Hamilton said.
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