Wall Street rallies on rate cut hopes, China tariff delay
- Wall Street’s main indexes rose about 1% on Friday, as a sharp slowdown in U.S. job growth raised hopes of an interest rate cut, with Washington’s decision to delay tariffs on Chinese goods adding to the upbeat mood.
A Labor Department report showed nonfarm payrolls increased by 75,000 jobs last month, much smaller than the 185,000 additions estimated by economists in a Reuters poll, suggesting the loss of momentum in economic activity was spreading to the labor market. Following the weak jobs data, traders raised their bets that the Federal Reserve will start cutting rates in July followed by two more rate cuts before the end of the year.
“The fact that they are talking and the tariffs don’t go into effect immediately is being seen as progress on trade,” Adam said.At 12:28 p.m. ET the Dow Jones Industrial Average was up 287.13 points, or 1.12%, at 26,007.79. The S&P 500 was up 34.23 points, or 1.20%, at 2,877.72 and the Nasdaq Composite was up 132.02 points, or 1.73%, at 7,747.57.
The sector was lifted by gains in Apple Inc, Microsoft Corp and chipmakers, which get a major portion of their revenue from China. The Philadelphia chip index rose 1.13%.
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