US stocks rally on jobs data, Fed chairman reassurances

COMPILED FROM WIRE SERVICES
ISTANBUL
Published 05.01.2019 00:30
Traders work on the floor of the New York Stock Exchange, Friday, Jan. 4, 2019. (AFP Photo)
Traders work on the floor of the New York Stock Exchange, Friday, Jan. 4, 2019. (AFP Photo)

Wall Street roared back, wiping out all of the market's losses from the previous day, as a barrage of positive news eased concerns about the global economy and interest rates.

Major indexes closed up more than 3 percent Friday.

At the closing bell, the Dow Jones Industrial Average stood at 23,426.68, up around 740 points or 3.3 percent.

The broad-based S&P 500 jumped 3.4 percent to 2,531.72, while the tech-rich Nasdaq Composite Index advanced 4.2 percent to 6,737.52.

Traders were encouraged by news that employers ramped up hiring in December, which could allay fears about an economic slowdown.

Those worries, along with a weak revenue forecast from Apple, contributed to steep losses Thursday.

China said trade talks would resume next week, and Fed Chairman Jerome Powell said the central bank will be flexible with rates.

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