Goodbye Tariffs, Hello JobsPosted 12/06/2019 9:00AM CT |
Global equity markets were higher Friday morning with China indicating that they will waive tariffs on some soybean and pork imports from the U.S. while a strong jobs number further rallied the markets before the open. This olive branch from China is the latest turn of events in the two-year trade war between the countries that has been causing havoc in the investor and business sectors. Today’s release of the jobs number by the Labor Department easily topped expectations. Economists were expecting a gain of 187,000 jobs while the actual number of 266,000 was announced. Also, the unemployment rate dropped to 3.5% from October’s 3.6% number, matching a 50 year low. Wages also rose a strong 3.1% in November compared to the previous year.
Support today is checking in around 310500 and 309400 with resistance showing 312800 and 313800.