Stocks Surge 1.7% Friday As Tariff Fears Subside And New Jobs Surge
The Trump administration's tough talk on tariffs softened last week, and government reports on Friday showed job growth was booming in February while real-wages roared, capping a good week for the Standard & Poor's 500 with 1.7% surge on Friday that left stocks just 4% from their all-time high.
313,000 new jobs were added to the economy last month, when only about 200,000 were expected. In addition, the official unemployment rate stayed at 4.1%. That's the same it has been since October 2017, and the lowest it's been since December 2001, which capped the end of the longest expansion in post-War U.S. history, the boom of the 1990s.
Meanwhile, purchasing managers at large non-manufacturing companies - 86% of U.S. gross domestic product - continued to say they're experiencing near-record high levels of activity. The 59.5% reading in February for months has hovered at highs rarely reached.
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