Wall Street’s main indexes advanced on Friday, as signs of a de-escalation in the trade war with China and a strong jobs report calmed concerns around the economic toll of tariffs.
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Beijing said on Friday it was “evaluating” an offer from Washington to hold talks over US President Donald Trump’s 145 per cent tariffs on China.
The tit-for-tat tariffs between the world’s two largest economies have kept investors on edge, with both sides unwilling to be seen backing down in a trade war that has roiled global markets.
Further aiding the mood on Friday, data showed nonfarm payrolls increased more than expected in April, with the unemployment rate steady at 4.2 per cent.
“This is good employment data which suggests that the economy remains strong,” said Melissa Brown, managing director of investment decision research at Simcorp.
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“We could see these numbers go down as the impact of tariffs really starts to make its way through the economy, but it’s not there yet.”