Markets Right Now: Markets snap higher despite trade tiff

Traders work on the floor of the NYSE in New York

Tariffs on $34 billion worth of Chinese goods, the first of a potential total of $450 billion, kicked in on Friday over USA complaints that China is misappropriating US technology. Investors were also encouraged by a solid pickup in hiring by US employers last month.

The Dow Jones industrial average was up 144.13 points to 24,500.87.

The Nasdaq Composite Index climbed 91.19 points, or 1.21 per cent, to 7,677.62. The S&P 500 closed 0.8 percent higher at 2,759.82, with health care rising 1.5 percent.

The gains came even as Washington fired the first shot Friday in a trade conflict with China, imposing tariffs on $34 billion worth of Chinese imports.

Instead, investors were encouraged by a solid pickup in hiring by US employers last month.


The Russell 2000 index of smaller-company stocks picked up 19.06 points, or 1.1 percent, to 1,679.48.

Consumer staples also advanced, such as Procter & Gamble, which gained 1.6 per cent and Mondelez International, which climbed 2.5 per cent.

Wall Street stocks finished solidly higher on Thursday (Jul 5), with technology shares especially strong as markets looked past trade war worries. Markets were watching to see if tight labor market conditions would force wages higher, a sign of inflation.

Since March 1, when President Donald Trump said he would impose steep tariffs on steel and aluminum, igniting fears of a trade war, S&P 500 industrials.SPLRCI have fallen 4 percent, reflecting the sector's dependence on worldwide commerce.

The Russell 2000 is up 158.54 points, or 10.3 percent.

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