Financial Markets                      05/02 09:36

   

   NEW YORK (AP) -- Stocks rose in morning trading on Wall Street Friday 
following a stronger-than-expected report on the U.S. job market.

   The S&P 500 gained 0.8%, putting the index on track for a ninth straight day 
of gains. The Dow Jones Industrial Average rose 316 points, or 0.8%, as of 9:57 
a.m. Eastern. The Nasdaq composite rose 0.8%.

   The gains were broad. Technology stocks were among the companies doing the 
heaviest lifting. Microsoft surged 2.6% and Nvidia rose 2.1%.

   Banks and other financial companies also made solid gains. JPMorgan Chase 
rose 1.3% and Visa jumped 1.8%.

   Employers added 177,000 jobs in April. That marks a slowdown in hiring from 
March, but it was solidly better than economists anticipated. However, the 
latest job figures don't yet reflect the effects on the economy of President 
Donald Trump's across-the-board tariffs against America's trading partners. 
Many of the more severe tariffs that were supposed to go into effect in April 
were delayed by three months.

   The broader jobs market is being closely watched for signs of stress amid 
trade war tensions. Strong employment has helped fuel solid consumer spending 
and economic growth over the last few years. Economists are now worried about 
the impact that taxes on imports will have on consumers and businesses, 
especially about how higher costs will hurt hiring and spending.

   The broader economy is already showing signs of stress. The U.S. economy 
shrank at a 0.3% annual pace during the first quarter of the year. It was 
slowed by a surge in imports as businesses tried to get ahead of Trump's 
tariffs.

   The current round of tariffs and the on-again-off-again nature of Trump's 
policy has overshadowed planning for businesses and consumers. Companies have 
been cutting and withdrawing financial forecasts because of the uncertainty 
over how much tariffs will cost them and how much they will squeeze consumers 
and sap spending.

   Hopes remain that Trump will roll back some of his tariffs after negotiating 
trade deals with other countries. China has been a key target, with tariffs of 
145%. Its Commerce Ministry said Beijing is evaluating overtures from the U.S. 
regarding the tariffs.

   Investors had a relatively quiet day of earnings reports following a busy 
week. Exxon Mobil fell 0.3% after reporting its lowest first-quarter profit in 
years. Rival Chevron rose 0.3% after it also reported its smallest 
first-quarter profit in years.

   Falling crude oil prices have weighed on the sector. Crude oil prices in the 
U.S. are down about 18% for the year. They fell below $60 per barrel this week, 
which is a level at which many producers can no longer turn a profit.

   Treasury yields rose in the bond market. The yield on the 10-year Treasury 
rose to 4.27% from 4.22% late Thursday.

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