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U.S. Stocks Extend Gains After April Jobs Report
 

U.S. stocks kept rising on Monday as Wall Street continued to digest the country's nonfarm payrolls report for April.

The Dow Jones Industrial Average was up 94.81 points, or 0.39 percent, to 24,357.32. The S&P 500 was up 9.21 points, or 0.35 percent, to 2,672.63. The Nasdaq Composite Index was up 55.60 points, or 0.77 percent, to 7,265.21.

With no major economic data due on Monday, investors were still sifting through the country's April jobs data.

U.S. total nonfarm payroll employment increased by 164,000 in April, missing market consensus of 195,000, the Labor Department reported Friday.

The unemployment rate edged down to 3.9 percent in April, notching the lowest level since December 2000.

In April, average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to 26.84 U.S. dollars. Over the year, average hourly earnings have increased by 67 cents, or 2.6 percent.

"This is a classic two-sided, something-to-please-everyone employment report. On one side there's the weak rise in payrolls and weakness in average hourly earnings. On the other, a shrinking labor force and a significant drop in the unemployment rate. The best way to sum it up in a consistent way is to conclude that the job market is tight," said Chris Low, chief economist at FTN Financial.

Rising oil prices also provided some upward jolts to the market. Oil prices climbed to their highest levels since late-2014 on Monday, with U.S. oil closing above 70 dollars a barrel for the first time since November 2014, as traders eyed a looming decision on whether the United States will re-impose sanctions on Iran.

In corporate news, shares of Sysco jumped 1.91 percent to 63.48 dollars apiece after the food-service company reported better-than-expected quarterly earnings.


(www.chinaview.cn 2018-05-08)
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