Stocks rose on Wall Street on Friday after new government data revealed that U.S. employers continued to hire steadily in April, despite growing economic uncertainty.
By 2:07 p.m. EST, the S&P 500 had increased by 90 points, or 1.6%, setting the stage for a ninth consecutive day of gains. The Dow Jones Industrial Average climbed 598 points, or 1.4%, while the tech-focused Nasdaq increased by 1.8%.
The gains were widespread, particularly in technology sectors, with Microsoft surging by 2.6% and Nvidia rising by 2.1%. Financial institutions also performed well, with JPMorgan Chase increasing by 1.3% and Visa jumping by 1.8%.
Employers added 177,000 jobs in April, marking a slowdown from March but still exceeding analyst expectations.
While the latest job statistics do not yet capture the economic impacts of President Trump’s tariffs on imports from trading partners, they have eased concerns of an impending recession, according to some analysts. “These figures provide no indication of a nascent recession,” stated Carl B. Weinberg, chief economist at High Frequency Economics.
Ongoing Job Market Analysis
The job market is currently under close scrutiny due to trade war uncertainties. Economists express concerns that new U.S. tariffs could inflate costs, diminish corporate earnings, and stymie overall economic growth. Companies are hesitating to make financial projections because of the unpredictable nature of tariffs.
Despite these challenges, analysts maintain that strong consumer spending is helping sustain the economy. Bret Kenwell, a U.S. investment and options analyst at eToro, remarked that while consumers are adjusting their spending habits, their continued expenditure is vital for economic momentum. However, he cautions that any deterioration in the labor market could stall this growth.
