Rise and shine. Wall Street is pushing higher after a blowout US jobs report helped squeeze out some of the losses from fears of a global trade war.
An hour after the opening bell, the S&P 500 was up 1 per cent to 2,731.76, with the tech sector up more than 1 per cent to lead the pack. Only utilities, typically seen as a defensive sector, was in the red.
The Dow Jones Industrial Average was up 0.87 per cent to 24,628.17, led by a 2.3 per cent gain for chipmaker Intel, while General Electric’s 0.28 per cent decline put it at the bottom of the index. The tech-heavy Nasdaq Composite benefited from the tech gains, rising more than 1 per cent to 7,519.45.
US Treasury yields were trimming back some of their earlier gains— as the strong jobs report cemented expectations for an interest-raise increase in June — but still solidly up in the morning session. The 10-year note was up 7.8 basis points to 2.90 per cent, while the 2-year had tacked on 6.1 basis points to 2.47 per cent.
The strong data, coupled with a strong reading on US manufacturing, also gave a boost to the buck, with the dollar index — a measure of the greenback against a basket of peers — up 0.24 per cent to 94.211.
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