In brief
Wall Street marked its longest win streak in 20 years as major indexes rebound following a positive jobs report and potential US-China trade talks.
Wall Street has successfully recovered from the recent losses sparked by President Donald Trump's imposition of global tariffs, achieving its longest winning streak in two decades. Stock markets closed higher on Friday, with the S&P 500 and Nasdaq both rising by 1.5%, while the Dow Jones Industrial Average saw a 1.4% increase. This upward momentum comes as investors reacted positively to new data indicating that US employers added 177,000 jobs in April, exceeding analyst predictions, despite showing a deceleration in hiring compared to the previous month. The unemployment rate remained stable at 4.2%. Additionally, hope for easing trade tensions surfaced when Beijing stated it was considering Washington's proposal for trade negotiations. With China facing unprecedented import tariffs of 145%, market observers are cautiously optimistic. While some analysts like Carl Weinberg from High Frequency Economics noted that the job figures do not suggest an impending recession, others, such as Olu Sonola from Fitch Ratings, cautioned that uncertainty lingers regarding the long-term impact of tariffs.
