US stocks close higher, rebounding from poor jobs data

​​​​​​​​​​​​​​By Mucahithan Avcioglu

ISTANBUL (AA) - US stocks ended with gains Monday as markets rebounded from lower-than-expected non-farm employment data on Friday.

The Dow was up 1.34%, or 585.06 points, to close at 44,173.64.

The Nasdaq composite rose 1.95%, or 403.45 points, to end at 21,053.58, and the S&P 500 climbed 1.47%, or 91.93 points, to 6,329.94.

Last Friday, non-farm payroll data showed just 73,000 jobs were added in July, far lower than market expectations of a gain of 106,000.

Job additions for June, meanwhile, were revised down by 133,000, from 147,000 to 14,000.

Following the data, markets were down around 1.5% on Friday's close before they rebounded in Monday trading.

On Monday, US President Donald Trump said he would impose higher tariffs on India, accusing the country of profiting from the resale of Russian oil.

"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump wrote on social media Sunday.

Separately, the EU announced that it will suspend its planned counter-tariffs against the US for six months starting Tuesday.

European Commission spokesperson Olof Gill said Sunday that the EU continues to work with the US to finalize a joint statement, as agreed on July 27.

To facilitate the ongoing negotiations, the commission will take the necessary measures under an emergency procedure to halt the EU countermeasures, which were set to take effect on Aug. 7.

Tesla announced late Sunday that its CEO Elon Musk will be given a stock bonus worth approximately $29 billion or 96 million shares.

Following the news, Tesla's stock climbed more than 2.1%.

On the data side, US factory orders fell 4.8% month-on-month in June, slightly less than market expectations.