U.S. stocks climbed on Monday with traders looking past trade concerns and focusing on Friday’s bullish jobs report.
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The Dow Jones Industrial Average returned to positive territory for the year, rising 178.48 points, or 0.72%, to 24,813.69. Four Dow members--Apple, Amazon, Microsoft and Netflix--touched all-time highs.
The broader S&P 500 climbed 12.25 points, or 0.4%, to 2,746.87. With the rally in tech stocks, the Nasdaq Composite jumped 52.13 points, or 0.69%, to 7,606.46, a fresh record close.
The U.S. added 223,000 jobs in May, pushing the May unemployment rate down to 3.8%, an 18-year low. The positive jobs report suggested that the economy still has plenty of room to run.
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Meanwhile, over the weekend, finance ministers from Canada, France, Germany, Italy, Japan and the U.K. expressed their “unanimous concern and disappointment” with the U.S. decision to impose tariffs on steel and aluminum imports from Canada, the European Union and Mexico.
Tariffs and trade will likely dominate the conversation at the meeting of leaders of the G7 nations this Friday and Saturday in Canada.
Factory orders in April fell more than expected, dropping 0.8% amid weak aircraft orders. New orders for U.S. goods were revised up for March, showing a 1.7% increase versus the previous figure of 1.6%.
U.S. oil dropped $1.06, or 1.6%, to $64.75 a barrel. Data released last week from the U.S. Energy Information Administration showed that in March, U.S. oil production climbed to 10.47 million barrels per day, a monthly record.
Starbucks said Howard Schultz will step down from his position as the coffee chain's executive chairman. Shares fell more than 1% in after-hours trading.