Allianz’s chief economic adviser Mohamed El-Erian said the job market has captured the tragic loss of jobs across the country, but markets are encouraged by the partial reopening of the country.
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US equity futures indicate higher opening to start the week
The main futures indexes show a gain of 0.6% or 130 Dow points at 1:00 am ET. The S&P 500 and the Nasdaq each increased by 0.5%.
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In the energy sector, oil trades lower. US crude is down 20 cents to $ 24.54 a barrel.
Brent crude, the international benchmark is down 28 cents to $ 30.69.
DO NOT REOPEN WITH CORONAVIRUS RISKS PERMANENT ECONOMIC DAMAGE: OFFICIAL
In Asia, the Nikkei of Japan was 1.4% higher, the Hang Seng of Hong Kong jumped 1.9% and the Shanghai Composite of China gained 0.1%.
US stocks rose on Friday as a monthly ugly jobs report was not as bad as expected, as well as signs that trade tensions between Washington and Beijing were easing.
|I: DJI||MEDIUM DOW JONES||24331.32||+455.43||+ 1.91%|
|SP500||S&P 500||2929.8||+48.61||+ 1.69%|
|I: COMP||NASDAQ COMPOSITE INDEX||9121.320669||+141.66||+ 1.58%|
The Dow Jones Industrial Average rose 455 points, or 1.9%, the S&P 500 by 1.7% and the Nasdaq Composite by 1.6%.
UNEMPLOYMENT HAS BROUGHT TO 14.7% IN APRIL, THE HIGHEST SINCE A LARGE DEPRESSION, CORONAVIRUS RELEASED 20.5 MILLION JOB LOSSES
The monthly employment report found that the coronavirus pandemic has inflicted the biggest labor market blow in a month on record. The unemployment rate climbed to 14.7% in April from 4.4% in March. Employers have cut 20.5 million jobs. This is equivalent to eliminating all the positions created over the past decade.
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Investors were encouraged by a Reuters report that key US and Chinese trade negotiators spoke on the phone on Friday, pledging to create favorable terms for their phase 1 trade deal. came after President Trump threatened to “terminate” the trade deal signed in January.