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Solid jobs data lifts US stocks

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[NEW YORK] Wall Street stocks rose early Friday on a solid US jobs report as shares of large banks rallied on news the Trump administration will roll back financial regulations.

The January US employment report included a better-than-expected 227,000 new jobs last month, keeping up the positive trends from the Obama years into the start of the term of President Donald Trump.

Large banks such as JPMorgan Chase and Bank of America rose almost two per cent as administration officials signalled that Trump will order a review of the Dodd-Frank law enacted after the 2008 financial crisis.

About 10 minutes into trade, the Dow Jones Industrial Average was at 19,988.05, up 0.5 per cent.

The broad-based S&P 500 gained 0.4 per cent to 2,290.82, while the tech-rich Nasdaq Composite Index advanced 0.3 per cent to 5,655.39.

AFP

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