NEW YORK: Wall Street stocks advanced on Friday, notching the second straight week of gains, helped by strong economic data and potential easing of trade tensions between the US and China.
The US economy added 177,000 jobs in April, exceeding expectations, while the unemployment rate held steady at 4.2%. The data helped to assuage concerns of an economic slowdown following a commerce department report, showing a contraction in US gross domestic product for the first time in three years, weighed down by a tariff-induced flood of imports.
“The stock market is cheering this morning’s payroll report but I have to point out that job growth did slow on the month and I haven’t seen too many comments about that,” said Talley Leger, chief market strategist at The Wealth Consulting Group.