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Wall Street jumped up to 2.2% due to the results of Apple and after the employment data in the US

Wall Street jumped up to 2.2% due to the results of Apple and after the employment data in the US

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

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