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US stocks trade higher after upbeat jobs report

IANS  |  Washington 

The US stocks traded higher on Friday after the release of stronger-than-expected jobs data in the country.

At midday, the Dow Jones Industrial Average added 267.03 points, or 1.07 per cent, to 25,162.24. The increased 29.44 points, or 1.07 per cent, to 2,768.41. The Index was up 88.58 points, or 1.19 per cent, to 7,516.53, reported.

Total nonfarm payroll employment increased by 313,000 in February, and the unemployment rate was unchanged at 4.1 per cent, said the on Friday. Economists had expected a gain of 200,000 jobs.

In February, average hourly earnings for all employees on private rose by 4 cents to $26.75 , following a 7-cent gain in January.

Over the year, average hourly earnings have increased by 68 cents, or 2.6 per cent, lower than market expectations.

Analysts said with the strong jobs increase and soft wages growth, the report "couldn't be more positive" for the market.

The US equities had suffered great losses last month after stronger-than-expected wages growth triggered market concerns for higher inflation.

Meanwhile, investors were digesting the latest developments of US Donald Trump's plan.

Trump on Thursday formally signed proclamations to impose steep tariffs on and aluminum.

According to the announcement, the US will impose a 25 per cent on imports and a 10 per cent on aluminum imports, which will take effect in 15 days with initial exemptions for and

The newly enacted tariffs on and aluminum will likely prompt retaliation by trade partners and legal challenges at the (WTO), putting the rule-based global trade system at risk, trade experts have said.



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First Published: Sat, March 10 2018. 03:34 IST