The S&P 500 Index was up 1.6%, while the Nasdaq was up 1.9%. Meanwhile, the Dow Jones Industrial Average added 1.3%.
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Apple stock rose 4.6% on better-than-expected resultsfavored by the strong iPhone sales and notable gains in India and other newer markets, supporting a near 2% advance for technology stocks.
Investors appeared to take it easy on data showing US employers boosted hiring in April, while wages rose, pointing to continued labor market strength that could prompt the Fed to keep interest rates high for some time.
The Labor Department report showed nonfarm payrolls rose 253,000 last month, more than economists’ expectations of 180,000. Wages rose 4.4% year-on-year in April, after 4.3% in March, while the unemployment rate fell to 3.4%.
“This is a solid report that shows the resiliency of the labor market. Support the Fed to raise another quarter point,” said Peter Cardillo, chief market economist at Spartan Capital Securities.
“It’s been a tough week for the stock market, regional banking problems have added to the fear factor, but Apple’s results have been strong. Stocks are coming out of an oversold situation in the short term,” added.
According to CME Group’s FedWatch tool, traders are betting that the Fed begins to ease the policy rate in September, compared to July, before the release of employment data.
Source: Ambito
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