Thu, 17 Jun 2021

U.S. stocks advance despite lackluster jobs report

Xinhua
08 May 2021, 06:55 GMT+10

NEW YORK, May 7 (Xinhua) -- U.S. stocks finished higher on Friday even after the nation's monthly employment report fell well short of estimates.

The Dow Jones Industrial Average increased 229.23 points, or 0.66 percent, to 34,777.76. The S&P 500 rose 30.98 points, or 0.74 percent, to 4,232.60. The Nasdaq Composite Index was up 119.39 points, or 0.88 percent, to 13,752.24.

All the 11 primary S&P 500 sectors ended in green, with energy up 1.89 percent, leading the gains.

U.S.-listed Chinese companies traded flat with five of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

U.S. employers added 266,000 jobs in April, with the unemployment rate little changed at 6.1 percent, the Labor Department reported Friday.

Job gains were notable in leisure and hospitality, other services, and local government education, which were partially offset by employment declines in temporary help services and in couriers and messengers, according to the report released by the department's Bureau of Labor Statistics.

The April jobs report was weaker than Wall Street's expectations. Economists surveyed by Dow Jones and The Wall Street Journal had forecast 1 million new jobs.

On Thursday, U.S. equities closed noticeably higher with the Dow hitting new record, buoyed by solid gains in financials sector.

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