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Dow Turns Positive After U.S. Economy Adds Nearly 1.8 Million Jobs In July

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TOPLINE

The stock market was mixed on Friday, paring back earlier losses to finish positive despite a stronger-than-expected July jobs report being offset by rising U.S.-China tensions and “disappointing” coronavirus stimulus talks. Investors are keeping an eye on ongoing stimulus talks. The Dow Jones Industrial Average was up 0.2%, around 50 points, on Friday, while the S&P 500 rose 0.1% and the tech-heavy Nasdaq Composite lost 0.9%.

Stocks pared back early losses after the Labor Department released a better-than-expected monthly jobs report, which showed the U.S. economy adding 1.76 million jobs in July as some Americans who were laid off amid the coronavirus pandemic returned to work.

Not only did that beat Wall Street estimates, but the unemployment rate was also better than expected, falling from 11.1% to 10.2%.

Although unemployment ticked down for the third straight month, July’s job report is well behind the over 4 million payrolls gained in June, indicating a slowdown in the labor market’s recovery.

The latest jobs data comes as investors closely watch for updates on a new coronavirus stimulus bill, but Congress remains deadlocked with little progress after what Senate Minority Leader Chuck Schumer (D-NY) “disappointing” talks on Friday.Market sentiment also took a hit after President […]

read more here —> www.forbes.com

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