U.S. Friday’s stock market gains came from solid jobs reports, which supported the idea that the economy is still doing well, even though it hinted th
U.S. Friday’s stock market gains came from solid jobs reports, which supported the idea that the economy is still doing well, even though it hinted that the Federal Reserve might postpone lowering interest rates. The S&P 500 gained 1.11 percent to 5,204.34, the Nasdaq Composite gained 1.24 percent to 16,248.52 index points, and the Dow Jones Industrial Average increased by 0.80 percent to settle at 38,904.04
Every major S&P 500 sector saw growth, with the top gainers being technology, industrial, and communication services. According to Labor Department data, companies increased hiring in March well beyond expectations, indicating that the economy was doing well at the end of the first quarter.
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Despite mixed economic data throughout the week, including a report on soft services activity and a stronger manufacturing report, indexes posted weekly declines. The Dow fell 2.3 percent, the S&P 500 fell 1 percent, and the Nasdaq fell 0.8 percent for the week.
LSEG reports that money markets are now pricing in about two rate reductions this year, down from three a few weeks ago.
Tesla defied the day’s overall market trend and saw its shares lower following a report stating that the electric carmaker had canceled its low-cost vehicle, which was supposed to propel its growth into a mass-market automaker.
One of the day’s top performers was Krispy Kreme, which increased 7.3 percent after Piper Sandler analysts upgraded the doughnut chain from “neutral” to “overweight.”. Following Johnson and Johnson’s agreement to purchase Shockwave Medical for $12,5 billion, the company saw a 2 percent increase in value.
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