Damian J. Troise, AP Business Writer
NEW YORK (AP) – Stocks rose on Wall Street on Friday following a report that surpassed expectations regarding the US job market.
The S&P 500 index rose 1.2% in afternoon trading. The Benchmark Index is on track to notch second consecutive victory weeks.
The Dow Jones industrial average added 448 points, or 1.1% as of 3:03 pm Eastern. Nasdaq Composite rose 1.4%
Profits were wide, with all sectors in the benchmark S&P 500 rising. Technology stock has its distinctive value and has given the market its biggest boost. Chipmaker Nvidia jumped 1.6%, while iPhone Maker Apple rose 2.3%.
Tesla rose 5.7%, recouping a huge loss that Trump and Musk were enthusiastically modest on social media on Thursday.
One of the most popular cryptocurrencies, US-based publisher, Circle Internet Group, rose 38%. This adds 168% profit from Thursday, when it debuted on the New York Stock Exchange.
US employers delayed employment last month, but still added 139,000 jobs amid uncertainty over President Donald Trump’s trade war. The closely watched monthly update reaffirmed that the job market remains resilient despite concerns from businesses and consumers about the impact of tariffs on tariffs on goods coming from the United States and its most important trading partners.
“For now, everything looks like it’s running smoothly,” said Chris Zaccarelli, Chief Investment Officer at Northlight Asset Management. “We see it as positive, but we haven’t seen the full impact of tariffs yet.”
President Donald Trump’s repeated tariffs continue to weigh businesses. Lululemon Athletica plunged 19.6% after yoga clothing manufacturers slashed profit expectations late Thursday.
Lululemon joins a wide range of businesses, from retailers to airlines, warning investors about the potential blows in revenue and profits as they can raise costs and potentially tighten spending for consumers.
Trump’s hoping to lower his tariffs after reaching trade deals with other countries is one of the main reasons why the S&P 500 has returned so violently since it fell by about 20% from record two months ago. It is currently back to an all-time high of 2.2%.
The economy is already absorbing the impact of tariffs on a wide range of goods from key trading partners, along with raw materials such as iron. Heavy tariffs could potentially clash with businesses and consumers in the coming months.
The US economy signed in the first quarter. A recent survey by the Supply Management Institute, an industry association for purchasing managers, found that both American manufacturing and services businesses had signed contracts last month. On Tuesday, the Organization for Economic Cooperation and Development projected growth of 1.6% this year in the US economy from 2.8% last year.
Uncertainty about tariffs and their economic impacts puts the Federal Reserve in a sensitive position.
“Everything is equal, you can clearly see that they are pending,” Zaccarelli said.
Central banks are stabilizing benchmark interest rates as they are concerned about tariffs that control inflation. It’s fighting hard using rising interest rates, slightly above that level to revert inflation to its 2% target.
The Fed has been hesitant to cut interest rates in 2025 after trimming three interest rates late last year. Low interest rates can improve the economy, but they can also increase inflation. It can be particularly damaging if import taxes increase costs for businesses and consumers.
Wall Street expects central banks to hold interest rates consistently at their June meeting, but traders predict that they will have to cut interest rates later this year in efforts to support the economy.
In the bond market, Treasury yields have been a huge profit. The 2010 Treasury yield rose to 4.51% from 4.39% in the second half of Thursday. The two-year financial yield, which tracks traders’ expectations about what the Federal Reserve will do with overnight interest rates, rose to 4.04% from 3.92% in the second half of Thursday.
The Asian markets were mixed, and the European markets were pretty much high.
AP writers Elaine Kurtenbach and Matt Ott contributed to this report.
Original issue: June 6, 2025, 10:19am Edit
