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 U.S. and China. The U.S. 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 a economic slowdown following a Commerce Department report, showing a contraction in U.S. gross domestic product for the first time in three years, weighed down by a tariff-induced flood of imports. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. Advertisement · Scroll to continue
Report This Ad "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. "I was a bit surprised because I was expecting a sharper slowdown given that non-farm payroll survey happened the week after the tariffs were announced. So I think the market is taking this in a positive light." Beijing said on Friday it was evaluating an offer from Washington to hold talks over President Donald Trump's 145% tariffs, which he had imposed on Chinese imports. Advertisement · Scroll to continue The tit-for-tat tariffs between the world's two largest economies have kept investors on edge, with both sides unwilling to be seen backing down in a trade war that has roiled global markets. Still, Trump's reversal of some tariffs has helped U.S. stock indexes recover from recent losses. The S&P 500 has erased the slump set off by Trump's "Liberation Day" tariff announcement on April 2, with the index now up 0.3% since the close of April 2. The tech-heavy Nasdaq was trading at levels last seen before April 2. The S&P 500 also reached its ninth consecutive session of gains, matching a winning streak from 2004, while the Dow hit a nine-day winning streak for the first since December 2023. For the week, the S&P 500 gained 2.9%, the Dow climbed 3%, and the Nasdaq added 3.43%. The Dow Jones Industrial Average (.DJI), opens new tab rose 564.47 points, or 1.39%, to 41,317.43, the S&P 500 (.SPX), opens new tab gained 82.54 points, or 1.47%, to 5,686.68 and the Nasdaq Composite (.IXIC), opens new tab gained 266.99 points, or 1.51%, to 17,977.73.
Traders work on the floor of the NYSE in New York Valdis Dombrovskis, trade commissioner for the European Union (EU), speaks with a specialist trader on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., April 28, 2025. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights, opens new tab "I do think what today is saying is that the economy is a lot stronger than people thought and a lot more resilient in the face of all of these tariffs and fears about tariffs," said Thomas Hayes, chairman at Great Hill Capital in New York. Apple (AAPL.O), opens new tab fell nearly 4% after the iPhone maker trimmed its share buyback program by $10 billion and CEO Tim Cook told analysts that tariffs could add about $900 million in costs this quarter. Other so-called Magnificent Seven stocks such as Meta Platform (META.O), opens new tab rose 4.3% and Nvidia (NVDA.O), opens new tab gained 2.6%. Amazon (AMZN.O), opens new tab dipped 0.1%. Chevron rose 1.6% (CVX.N), opens new tab and ExxonMobil (XOM.N), opens new tab gained 0.4% after both energy giants reported quarterly results. Block (XYZ.N), opens new tab slumped 20% after cutting its profit forecast for 2025 and missing estimates for quarterly earnings. Video game maker Take-Two Interactive (TTWO.O), opens new tab fell nearly 7% after it delayed the release of "Grand Theft Auto VI" to May 2026. Advancing issues outnumbered decliners by a 3.81-to-1 ratio on the NYSE. There were 144 new highs and 47 new lows on the NYSE. The S&P 500 posted 12 new 52-week highs and 3 new lows while the Nasdaq Composite recorded 51 new highs and 38 new lows. Volume on U.S. exchanges was 15.99 billion shares, compared with the 19.3 billion average for the full session over the last 20 trading days.
