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US stocks rebound on strong jobs data

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New York: US stocks rallied as Wall Street cheered over the country’s better-than-expected jobs report for June.

The Dow Jones Industrial Average rose 94.30 points, or 0.44 per cent, to 21,414.34 on Friday, Xinhua news agency reported.

The S&P 500 added 15.43 points, or 0.64 per cent, to 2,425.18. The Nasdaq Composite Index gained 63.61 points, or 1.04 per cent, to 6,153.08.

US total nonfarm payroll employment increased by 222,000 in June, well above market consensus of 170,000, the Labor Department announced on Friday. The unemployment rate was little changed at 4.4 per cent in June.

“This was a strong jobs report, with a better-than-expected payroll rise augmented by a solid upward revision,” said Chris Low, chief economist at FTN Financial.

“From a longer term perspective, this jobs report confirms the economy is humming along at a moderate pace with no significant wage pressures. The Fed can and should take its time normalizing policy,” he wrote.

Meanwhile, oil prices were also in focus, which settled about 3 per cent lower on Friday, as worries about a global supply glut dampened investors’ sentiment.

For the holiday-shortened week, all three major indices witnessed modest gains, with the Dow, the S&P 500 and the Nasdaq going up 0.3 per cent, 0.1 per cent and 0.2 per cent, respectively.

IANS

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