Wall Street's main indexes climbed on Friday, as concerns over global growt...
Both the indexes logged their best month in four in October after an upbeat start to the third-quarter earnings season and a largely positive U.S.-China trade rhetoric.
Eight of the 11 major S&P 500 sectors were trading higher on Friday, with the industrials sector .SPLRCI providing the biggest boost.U.S. job growth slowed less than expected in October, a Labor Department report showed, overshadowing data showing a contraction in the manufacturing sector for the third straight month.
“Investors are back in the glass-is-half-full mode,” said Michael Geraghty, equity strategist at Cornerstone Capital Group. “ are looking past the ISM and focusing more on the better than expected labor report this morning.” Earlier in the day, sentiment was supported by data showing China manufacturing activity unexpectedly expanded in October, easing concerns about a slowdown in demand from the world’s second-largest economy as a result of U.S. tariffs.
On the trade front, U.S. Commerce Secretary Wilbur Ross said the initial “phase one” trade pact with China appears to be in good shape and is likely to be signed around mid-November, although a finite date is still in question.
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