Apple’s stock rose 4.7% on better-than-expected results, helped by strong iPhone sales and notable gains in India and other newer markets.
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Apple’s quarterly results also buoyed investors worried about a possible recession. Shares of the iPhone maker were the biggest contributors to the three major US stock indexes.
According to preliminary closing data, the S&P 500 Index gained 74.55 points, or 1.8%, to 4,135.77 points; while the Nasdaq rose 264.67 points, or 2.2%, to 12,231.07. Meanwhile, the Dow Jones Industrial Average added 541.01 points, or 1.6%, to 33,668.75 units.
Investors appeared to have taken it easy on data showing US employers boosted hiring in April while wages rose, pointing to continued labor market strength that could prompt the Federal Reserve 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.
Shares of regional banks also rallied after recent weakness linked to the First Republic Bank bankruptcy. PacWest Bancorp rose along with Western Alliance Bancorp.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
