US stocks steady after upbeat jobs report

New York, Jan 9 (IANS) The US stocks traded slightly higher in the morning session on Friday as Chinese stocks rebounded and newly-released data showed stronger-than-expected job growth in the US.

At midday, the Dow Jones Industrial Average rose 20.34 points, or 0.12 percent, to 16,534.44. The S&P 500 inched up 0.37 points, or 0.02 percent, to 1,943.46. The Nasdaq Composite Index gained 3. 43 points, or 0.07 percent, to 4,692.86, Xinhua news agency reported.

Total non-farm payroll employment rose by 292,000 in December, beating market estimates of 200,000, and unemployment rate was unchanged at 5.0 percent, the US Labour Department said on Friday.

Traders focused on the robust employment data, the first jobs report since the US Federal Reserve’s mid-December decision to raise its interest rates.

In Asia, China’s shares showed signs of stabilisation, with the benchmark Shanghai Composite Index up 1.97 percent on Friday, after the China Securities Regulatory Commission (CSRC) announced the stock market “circuit breaker” mechanism would be suspended.

Meanwhile, investors continued to look to oil prices amid rising tensions in the Middle East. Crude prices rose modestly early Friday, but remained near multi-year lows.

The US stocks slumped for a second straight day on Thursday, as global market rout and falling oil prices continued to weigh on Wall Street.

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