How major USA stock indexes fared Wednesday

Marco Green
December 8, 2019

The S&P 500 closed at 3,145.91 for a gain of 28.48 points or 0.91%. Apple shares also reached record levels, gaining 1.9%. "Every time we pull back for a couple of days, we shake out some weak hands, we got right back up to all-time highs".

All three major USA stock indexes gained ground, hovering within 1% of record highs set last week.

The major indices are closing with solid gains on the day after strong job gains. The high price reached 3150.60.

Economists surveyed by The Wall Street Journal expect US employers added jobs at a solid pace during November, with nonfarm payrolls increasing by 187,000 and the unemployment rate remaining at a historically low 3.6%. The unemployment rate fell to 3.5%, a 50-year low, while average wages edged up 0.2% to $28.29 an hour.

Wall Street is created each month has tapered off to an average of 167,000 this year from more than 200,000 last year, but that's more than enough to keep the unemployment rate at a 50-year low.

The strong jobs report should allay concerns about a severe slowdown in the USA economy.

The yield on the 10-year U.S. Treasury note was virtually unchanged at 1.79%, ahead of the reading on the labor market.

"There is a lot to like in today's read", said Mike Loewengart, the vice president of investment strategy at E-Trade, about the jobs report. It also "puts a lot of questions to rest".

Meanwhile, China's finance ministry said Friday it is working to waive tariffs on imports of US soybeans, cotton, corn, sorghum and pork by domestic companies, a measure that could help to facilitate the larger trade agreement with the U.S.

"The positive sentiment is being capped by the fact that Mr Trump earlier this week claimed the trade deal might not be signed off until after the presidential election next year". China started off the week saying it wants tariffs to be canceled as part of a "phase one" trade deal. -China trade front, with Beijing saying Friday that it is waiving punitive tariffs on USA soybeans and pork as negotiations for a trade deal continue. White House economic aide Larry Kudlow told CNBC a deal between the two economic giants "is still close".

If no deal is reached soon, more tariffs on Chinese goods would kick in from December 15. "The president has said that if we cannot get the enforcement and the assurances, then we will not go forward", Kudlow said.

Regarding trade, White House economic adviser Larry Kudlow said that while the Dec 15 remains the date when the next round of tariffs on Chinese goods will take effect, "the reality is constructive talks, nearly daily talks; we are, in fact, close".

Other reports by Click Lancashire

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