US stocks edge up after strong jobs data, mixed earnings

New York, Feb 1: Wall Street stocks rose modestly early Friday, with strong results from Exxon Mobil offsetting Amazon's weakness and as the US had another blockbuster jobs report.

About 10 minutes into trading, the Dow Jones Industrial Average stood at 25,094.67, up 0.4 percent.

The broad-based S&P 500 advanced 0.2 percent to 2,709.49, while the tech-rich Nasdaq Composite Index edged up 0.1 percent to 7,285.76.

The early gains came on the heels of the Dow's best January in 30 years. Some analysts caution that the stock rally is showing signs of fatigue.

The Dow was lifted by stronger-than-expected profits at oil giants Exxon Mobil and Chevron, which each gained more than one percent.

But Amazon fell 3.8 percent on disappointment over the online retailer's profit forecast. The company reported a 63 percent jump in fourth-quarter profits to $3 billion.

The earnings came as the Labor Department reported the US added 304,000 jobs in January, almost double the expected amount.

The construction, health care, hospitality and retail sectors added tens of thousands workers, another sign the robust labor market remain a fundamental source of strength even though the US economy is expected to slow in 2019.

The government shutdown helped nudge the US unemployment rate to 4.0 percent, but that is likely to be temporary.

 

(AFP/APP)

Posted on: 2019-02-02T01:47:00+05:00

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