Trade war? What trade war?
The US stocks cheered the favorable jobs report and ignored the trade war that started between the US and China at the tick of midnight with matching $34B of tariffs on traded goods. Trump has said he will impose tariffs on another $16B shortly and China is said to likely follow. We will see what goes on from there.
The major indices rose strongly with the Nasdaq leading the charge higher:
- The S&P index rose 23.21 points or 0.85% at 2759.82. The high reached 2764.41, while the low extended 2733.52
- The Nasdaq index surged by 101.96 points or 1.34% at 7688.38. The high reached 7695.81. The low was down at 7588.64
- The Dow lagged the broader indices with a gain of 99.74 points or 0.41% at 24456.48. The high reached 24520.29. The low extended to 24281.47
The US added 213K new jobs in June which was higher than the 195K expectations.
For the week:
- The S&P index rose 1.5%
- The NASDAQ index rose 2.4%
- The Dow rose 0.8%
Some winners include:
- Twitter rose 3.53%
- Gilead rose 3.30%
- Deutsche Bank rose 3.0% on takeover hopes
- Celgene rose 2.55%
- Netflix rose 2.48%
- Facebook rose 2.41%
- Nvidia rose 1.9%
Losers for the day included:
- General Motors, -0 81%
- Fiat, -0.17%
- Ford, -0.14%
- Caterpillar -0.32%
- Walmart, -0.08%
- Tesla, -0.08%
- Coca-Cola, -0.07%
- American Express, -0.02%
