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US stocks gain with tech shares leading, Companies & Markets News & Top Stories

09 July 2018

Wall Street stocks finished solidly higher on Thursday (Jul 5), with technology shares especially strong as markets looked past trade war worries.

U.S. stocks traded on an upbeat note on Friday as investor sentiment was bolstered by encouraging jobs data.

The Dow Jones Industrial Average jumped 99.74 points to 24,456.48, with Apple and Microsoft outperforming.

A solid pickup in hiring by USA employers last month helped keep investors in a buying mood. The Nasdaq composite increased 101 points, or 1.3 percent, to 7,688. The S&P 500 was up 24.75 points, or 0.90 per cent, to 2,761.36, Xinhua news agency reported.

While China accused Washington of triggering the "largest-scale trade war", US stock indexes rose.

The US announced the 25-per cent additional tariff on $34 billion of imports from China took effect on Friday, Immediately after that, China's retaliatory tariffs of equal scale went into force.

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

The Dow is up 85.33 points, or 0.4 percent.

The gains came despite an escalation in trade tensions as the US imposed tariffs on Chinese goods and China responded in kind. The U.S. dollar index.DXY, which measures the greenback against a basket of currencies, has risen more than 4 percent since March 1.

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 worldwide commerce.

Bond prices rose. The yield on the 10-year Treasury fell to 2.82 percent.

US stocks gain with tech shares leading, Companies & Markets News & Top Stories