Wall Street Rises Amid Positive Jobs Report and Eased Trade Tensions
Wall Street showed signs of opening higher due to a stronger-than-expected jobs report, indicating a resilient labor market, despite ongoing tariff concerns. The unemployment rate decreased to 4.1%, contrary to expectations. Technology stocks and recent U.S.-Vietnam trade agreements helped boost indexes to record highs.
In an optimistic start to Thursday's trading, Wall Street was set to rise following a surprisingly robust jobs report that showcased the durability of the labor market, even as uncertainties over U.S. President Donald Trump's tariff approaches lingered.
The latest data, revealing an increase of 147,000 nonfarm payrolls last month, surpassed economists' projections by a significant margin, leading to a drop in the unemployment rate to 4.1%. This exceeded expectations of a rise to 4.3%, prompting market strategists to note the labor sector's impressive resilience amid policy uncertainties.
Additionally, technology-driven gains and a recent U.S.-Vietnam trade agreement had propelled the S&P 500 and Nasdaq to close at all-time highs on Wednesday. Meanwhile, as trading volumes dwindled ahead of the Independence Day holiday, light activity was anticipated with markets preparing to close early on Thursday.
(With inputs from agencies.)
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