US Stocks Climb After Disappointing April Jobs Data

New York, May 7 (UrduPoint / Pakistan Point News - 7th May, 2021 ) :Wall Street equity indices were mixed early Friday after government data showed the US economy gained just 266,000 jobs last month in a major disappointment.

The weak report is a setback for President Joe Biden's efforts to pump up the recovery, but likely ensures continuation of the Federal Reserve's accommodative monetary policy, analysts said.

About 25 minutes into trading, the Dow Jones Industrial Average was up 0.3 percent at 34,647.29.

The broad-based S&P 500 gained 0.5 percent to 4,222.08, while the tech-rich Nasdaq Composite Index jumped 0.9 percent to 13,759.42.

Economists had projected the economy would add a million positions as vaccines and government stimulus measures allow business to return to normal in the world's largest economy.

But the jobs gain was fell far short, and the March increase was revised lower, while the unemployment rate increased slightly to 6.1 percent, the Labor Department reported.

The report comes amid a pitched debate between Biden and congressional Republicans over trillions in additional spending sought by the White House for infrastructure and social programs designed to create jobs.

The data also comes as investors express increasing worry about the possibility of a shift in Federal Reserve stimulus policies earlier than anticipated.

But Friday's data "appears to be easing concerns about the Fed reining in its highly-accommodative monetary policy, which have unnerved the markets as of late," said a note from Charles Schwab.