BUSINESS US stocks rise despite disappointing jobs report

BUSINESS

US stocks rise despite disappointing jobs report

Xinhua

23:08, May 07, 2021

NEW YORK, May 7 (Xinhua) -- U.S. stocks climbed on Monday morning even after the nation's April employment report fell short of estimates.

Shortly after the opening bell, the Dow Jones Industrial Average rose 92.61 points, or 0.27 percent, to 34,641.14. The S&P 500 added 20.28 points, or 0.48 percent, to 4,221.90. The Nasdaq Composite Index increased 124.90 points, or 0.92 percent, to 13,757.74.

Ten of the 11 primary S&P 500 sectors advanced in morning trading, with health care and technology up 1.16 percent and 0.76 percent, respectively, leading the gainers. Financials slipped 0.3 percent, the lone declining group.

U.S. employers added 266,000 jobs in April, with the unemployment rate little changed at 6.1 percent, the Labor Department reported Friday.

Job gains were notable in leisure and hospitality, other services, and local government education, which were partially offset by employment declines in temporary help services and in couriers and messengers, according to the report released by the department's Bureau of Labor Statistics.

The April jobs report was weaker than Wall Street's expectations. Economists surveyed by Dow Jones and The Wall Street Journal had forecast 1 million new jobs.

On Thursday, U.S. equities closed noticeably higher with the Dow hitting new record, buoyed by solid gains in financials sector.

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