S&P 500 on track for longest winning streak in 20 years as Trump and China show some willingness to bend on trade
CNN
US stocks rose Friday as China signaled openness to trade talks and investors digested a better-than-expected jobs report.
US stocks rose Friday as China signaled openness to trade talks and investors digested a better-than-expected jobs report. The Dow was up 530 points, or 1.3%, Friday afternoon. The broader S&P 500 rose 1.43% and the tech-heavy Nasdaq Composite gained 1.6%. The S&P 500 was on track for its first first nine-day winning streak since November 2004, according to FactSet data. While the index has notched many seven- and eight-day streaks in recent years, the nine-day consecutive winning streak had proved elusive for the past two decades. The stock market rally picked up steam on Friday after Labor Department data showed the economy added 177,000 jobs in April, outpacing expectations of around 135,000 jobs. “Markets breathed a sigh of relief this morning as the jobs data came in better than expected,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management, in an email. “While recession fears are still simmering on the back burner, the buy-the-dip dynamic can continue — at least until the tariff pause runs out.” Stocks extended their gains on Friday after a Wall Street Journal report that China is considering how to address the United States’ concerns about its role in the international flow of fentanyl.
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