Wall Street climbs on solid jobs data, trade hopes
08 Décembre, 2019, 19:40 | Auteur: Auguste Feret
The Dow was down 0.5% and the NASDAQ off 0.3%, after the session began. -China trade war. But the S&P 500 index is now set to end the week marginally higher. The unemployment rate edged down to 3.5 per cent.
The Dow is up 4,322.32 points, or 18.5%.
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. The S&P 500 increased 28.48 points, or 0.91 per cent, to 3,145.91. Goldman Sachs shares jumped 3.4%.
November's job gains pushed the unemployment rate to a 50-year low of 3.5%, calming jitters that had sent the Dow down 2% in early December.
The index posted a 0.2% gain for the week, a solid pivot from losses of more than 1% as of late Thursday.
Economists surveyed by The Wall Street Journal expect USA employers added jobs at a solid pace during November, with nonfarm payrolls increasing by 187,000 and the unemployment rate remaining at a historically low 3.6%.
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"This economy just won't stop and even with the wheels of growth slowing down to a modest 2 percent, the labor markets continue to astound us by pumping out millions of jobs", MUFG chief economist Chris Rupkey said. The yield on the 10-year Treasury rose to 1.83% from 1.79% late Thursday.
Gold fell $17.80 to $1,459.10 per ounce, silver fell 46 cents to $16.48 per ounce and copper rose 6 cents to $2.71 per pound. "It essentially means the Fed's easing cycle is complete and it puts the USA in a stronger position for trade war negotiations". At the end of a week that has seen markets react to conflicting signals on the progress of negotiations, China's State Council on Friday began the process of exempting some soybeans and pork imported from the US from punitive tariffs, the state-run Xinhua News Agency said. -China trade front this week. China started off the week saying it wants tariffs to be canceled as part of a "phase one" trade deal.
Financial markets were rattled this week when President Donald Trump said he wouldn't mind waiting until after the 2020 elections for a trade deal. China also extended an olive branch to the USA on Friday by waving import tariffs on some American pork and soybeans shipments.
But Larry Kudlow, director of the National Economic Council, told CNBC's "Squawk on the Street" that Trump is prepared to "walk away" from the negotiations if some conditions are not met. "The president has said that if we can not get the enforcement and the assurances, then we will not go forward".
On Thursday, Trump said China and the USA 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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This time around, Trump started the week by hammering the same theme, saying Tuesday that Canada was behind monetarily. Trump, though, said Trudeau was upset because he had called him out for not meeting his two per cent target.
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