Stock rally continues following jobs report

Stocks jumped to start the week, adding to gains from Friday’s session that was powered by a better-than-expected jobs report. The Dow Jones Industrial Average surged 320.11 points, or 1.3%, to 24,776.59. The S&P 500 gained 24.35 points, about 0.9%, to 2,784.17. The Nasdaq Composite rose 67.81 points, or 0.88%, to 7,756.20. Chinese shares bounced despite heightened trade tensions between Washington and Beijing after each imposed major tariffs on the other’s goods last week. The Shanghai Composite ended the session 2.5%, its biggest one-day rise in 2-years. Hong Kong’s Hang Seng Index was higher by 1.5% Japan’s Nikkei ended the day up 1.21% In Europe, London’s FTSE traded 0.35% higher, Germany’s DAX gained 0.12% and France’s CAC was higher by 0.40% Stocks also rose Friday after a strong jobs report overshadowed U.S.-China tariffs. The Dow Jones Industrial Average climbed 99.74 points, or 0.41%, to 24,456.48. The S&P 500 climbed 23.21 points, or 0.84%, to 2,759.82. The Nasdaq Composite rallied 101.96 points, or 1.34%, to 7,688.39. The U.S. economy added 213,000 jobs in June with the unemployment rate rising to 4%. Wage growth remained steady at 2.7% even though hourly wages inched higher by 0.2%. Economists surveyed by Thomson Reuters expected the U.S. economy would have added 195,000 jobs in June with the unemployment rate holding steady at May’s 3.8%, which was the lowest since April 2000. Investors are looking ahead to Friday when the earnings season for banks gets underway. Citigroup, JPMorgan Chase and Wells Fargo will all report results on that day. Commodities were mostly higher.

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