The S&P 500 index rose 2.9% last week as April jobs data came in above expectations. The market benchmark ended Friday’s session at 5,686.67.
The S&P slipped 0.8% in April, marking its third-consecutive monthly decline. The index is down 3.3% for the year on worries about the impacts of the Trump administration’s economic policies, particularly the ongoing trade war with several countries including China.
Data released on Friday by the Bureau of Labor Statistics showed total nonfarm payrolls rose by 177,000 in April, surpassing the consensus estimate compiled by Bloomberg for a 138,000 increase. The unemployment rate was steady at 4.2% in April, in line with the market view.
By sector, industrials had the largest percentage increase of the week, climbing 4.3%, followed by a 4.2% rise in communication services and a 4% advance in technology. Financials and real estate were also strong, up 3.6% and 3.4%, respectively.
This week’s earnings calendar features Advanced Micro Devices, Uber Technologies, Walt Disney, and Shopify, among others.
Economic data will include the March trade deficit, consumer credit and wholesale inventories, and Q1 productivity. Also, the Federal Reserve’s Federal Open Market Committee will hold a two-day meeting, concluding with a press conference.
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