NEW YORK, March 10 (Xinhua) -- U.S. stocks traded higher for the week as investors digested the developments of the U.S. President Donald Trump's tariff plan as well as the closely-watched jobs report from the country.
For the week, the Dow Jones Industrial Average went up 3.25 percent, while the S&P 500 and the Nasdaq Composite Index added 3.54 percent and 4.17 percent respectively.
Trump on Thursday formally signed proclamations to impose steep tariffs on imported steel and aluminum.
According to his announcement, the United States will impose a 25-percent tariff on imported steel and 10 percent on aluminum, which would take effect in 15 days with initial exemptions for Canada and Mexico.
Traders reacted to the final announcement with some relief as Canada and Mexico, America's two major trading partners, were spared in the latest tariff initiatives.
The market was under pressure on Wednesday, however, as Trump's Chief Economic Advisor Gary Cohn resigned from his post.
Cohn, a "globalist" within the White House, had been mounting a last-ditch attempt to head off Trump's tariff plan on steel and aluminum.
Analysts said Cohn has been seen as a voice of reason in a White House that is seemingly in constant turmoil and he opposed the implementation of tariffs. His departure raised concerns about a potential trade war in the near future.
U.S. stocks rallied on Friday, with the Nasdaq closing at record highs, as the latest jobs data from the country came out positive.
Total nonfarm payroll employment increased by 313,000 in February, and the unemployment rate was unchanged at 4.1 percent, said the U.S. Labor Department on Friday. Economists had expected a gain of 200,000 jobs.
In February, average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to 26.75 U.S. dollars, following a 7-cent gain in January. Over the year, average hourly earnings have increased by 68 cents, or 2.6 percent, lower than market expectations.
Analysts said with the upbeat jobs increase and soft wages growth, the report "couldn't be more positive" for the market.
U.S. equities suffered great losses last month after stronger-than-expected wages growth triggered market concerns for higher inflation.
