US stocks rallied on Friday, wiping out steep losses following Donald Trump’s “liberation day” announcement of steep tariffs a month ago, after data on the labor market exceeded expectations.
The 177,000 jobs added in April, according to the Bureau of Labor Statistics, surpassed the 135,000 predicted by economists polled by Bloomberg.
The S&P 500 jumped as much as 1.2 per cent after Friday’s market open, bringing it above the closing level from April 2, when Trump unveiled his so-called “reciprocal tariffs”.
Wall Street’s benchmark share index had plunged as much as 15 per cent in several days of turbulent trading following the US president’s announcement, triggering tumult across global financial markets.
But global equities have since largely recovered, helped by signs of a possible thaw in trade tensions, including comments by China’s commerce ministry on Friday that Washington had recently expressed “a desire to engage in discussions” on the issue.
“This rally seems to be on the expectation that — with regards to tariffs — the worst has passed,” said Ajay Rajadhyaksha, global chair of research at Barclays.
Read More at -
BJ
-
Shockingly this is not the narrative being reported by the Democrat Media Bubble Cult.
Poor Dems - another narrative bites the dust
.