Markets Right Now: Markets snap higher despite trade tiff

Markets Right Now: Markets snap higher despite trade tiff

The Dow Jones Industrial Average gained 99.74 points, or 0.4 percent, to 24,456.48.

The United States and China slapped tit-for-tat duties on $34 billion worth of each other's imports on Friday, with Beijing accusing Washington of triggering the "largest-scale trade war" as the world's two biggest economies sharply escalated their conflict.

Private US firms added 177,000 employees last month, according to payrolls firm ADP, a bit below the pace in May but a level that was still seen as solid. The Nasdaq Composite gained 47.98 points, or 0.64 per cent, to 7,550.66 at the opening bell.

Data also showed solid growth in USA services sector activity in June, but companies raised more concerns about trade tariffs that are raising costs and uncertainty in many sectors, according to the Institute for Supply Management. China responded in kind. Investors are hoping that won't happen.

Stocks closed broadly higher Friday, snapping two consecutive weekly declines for the market.

The Russell 2000 index of smaller-company stocks picked up 14.57 points, or 0.9 percent, to 1,694.05.

The Dow added 185.07 points, or 0.8 percent.

Benchmark 10-year notes last rose 4/32 in price to yield 2.8254 percent, from 2.84 percent late on Thursday.

The gains came despite an escalation in trade tensions as the US imposed tariffs on Chinese goods and China responded in kind.

Since March 1, when President Donald Trump said he would impose steep tariffs on steel and aluminum, igniting fears of a trade war, S&P 500 industrials.SPLRCI have fallen 4 percent, reflecting the sector's dependence on global commerce.

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