Oil, stock prices move up after good jobs report

Traders work on the floor of the NYSE. On Friday, the markets moved up after the strong job growth report and exemptions for certain countries for tariffs on steel and aluminum. File photo by John Angelillo/UPI

March 9 (UPI) — Oil futures and the U.S. stock market moved up Friday after a strong job growth report and continuing diminished fears of a trade war because certain countries were exempted by President Donald Trump.

Brent oil futures was trading at 64.55 per barrel, up 94 cents, at 9:55 a.m. EST.

The April crude oil futures were at 61.02 and were trading up by 87 cents.

After the government reported better-than-expected job growth for the previous month, U.S stock index futures jumped as well.

Dow Jones industrial average futures increased 205 points, the S&P 500 gained 19.75 points and Nasdaq 100 futures went up 54 points. In February, the U.S. economy added 313,000 jobs, according to the Bureau of Labor Statistics. However, wages rose 2.6 percent on an annualized basis, which was less than expected.

“As far as the market is concerned, you couldn’t have scripted it any better,” said JJ Kinahan, chief market strategist at TD Ameritrade said to CNBC. “It still remains a mystery how you can create these many jobs and not have wages go up more.”

The stock market then opened higher with the Dow up 127 points, crossing the 25,000 level.

On Thursday, the Dow gained 93.85 points, to end at 24,895.21. Nasdaq extended its winning streak for a fifth session by adding 31.30 points, to finish at 7,427.95.

Earlier in the afternoon, President Donald Trump signed a proclamation to impose tariffs on imported steel at 25 percent and aluminum at 10 percent, but he exempted Canada and Mexico, and is allowing other countries to negotiate exclusions. The tariffs are expected to take effect in 15 days.

Trade Partnership Worldwide projected the United States will lose 146,000 jobs because of the tariffs. It estimated that for every job gained because of the tariffs, more than five will be lost.

CERAWeek, the energy conference in Houston that draws oil, gas and power executives, closed Thursday. The gathering, which hosted 500 speakers, drew 4,300 people from 70 countries, the most in its 35-year history. Last year, 3,500 people attended the conference.


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