Wall Street extended its winning streak to a ninth straight day on Friday, as investors reaped the benefits of a strong job market report and resurgent hopes for trade war de-escalation with China.
The S&P 500 rose 1.5%, followed by the Dow Jones industrial average’s 1.4% gain and the Nasdaq composite’s 1.5% increase. Technology stocks led the charge, with Microsoft up 2.3% and Nvidia rising 2.5%. Banks and financial companies also made solid gains.
The latest job figures showed employers added 177,000 jobs in April, a slowdown from March but better than economists anticipated. However, these numbers do not yet reflect the impact of President Trump’s tariffs on the economy.
Experts warn that trade war tensions could lead to economic strain, with higher costs for consumers and businesses potentially hurting hiring and spending. The US economy has already shown signs of strain, shrinking at a 0.3% annual pace in the first quarter.
Despite this, hopes remain that Trump will roll back some tariffs after negotiating trade deals with other countries. China is being closely watched as a key target, with its Commerce Ministry evaluating overtures from the US regarding levies. Investors are cautiously optimistic about the market’s trajectory.
Source: https://www.latimes.com/business/story/2025-05-02/wall-street-extends-its-gains-to-a-9th-straight-day-reclaiming-losses-since-tariff-escalation