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U.S. stocks surge on strong jobs data

Xinhua, July 9, 2016 Adjust font size:

U.S. stocks posted solid gains Friday, as the newly-released nonfarm report far exceeded market expectations.

The Dow Jones Industrial Average jumped 250.86 points, or 1.40 percent, to 18,146.74. The S&P 500 leapt 32.00 points, or 1.53 percent, to 2,129.90. The Nasdaq Composite Index was up 79.95 points, or 1.64 percent, to 4,956.76.

Traders kept a close eye on the nonfarm jobs report for more implications on the U.S. Federal Reserve's next rate hike in a post-Brexit environment.

U.S. total nonfarm payroll employment increased by 287,000 in June, versus 175,000 estimated by analysts, and the unemployment rate rose to 4.9 percent, the U.S. Labor Department reported Friday.

Investors believed that the June nonfarm report mollified concerns of an economic slowdown in the United States, as May's payroll rose only by 38,000 and notched the fewest monthly job gain in almost six years.

"The employment gain in June was hefty, but it follows a very weak May and was not confirmed by strength in the household survey," said Chris Low, chief economist at FTN Financial, in a note.

Overseas, European equities also jumped Friday on strong U.S. jobs data. German benchmark DAX index at Frankfurt Stock Exchange surged 2.24 percent, while French benchmark index CAC 40 gained 1.77 percent.

In Asia, Tokyo stocks extended its losing streak into a fourth straight day Friday on the Japanese yen's rise against the U.S. dollar. The 225-issue Nikkei Stock Average dropped 1.11 percent to 15,106.98.

For the holiday-shortened week, all three major indices witnessed sizable gains, with the Dow, the S&P 500 and the Nasdaq up 1.1 percent, 1.3 percent and 1.9 percent, respectively. Enditem