2023-05-05 22:03:41
US stocks opened higher yesterday, as strong earnings from tech giant Apple pointed to strong corporate earnings, while more-than-expected job growth dampened expectations that the Federal Reserve will cut rates.
Apple, the world’s largest company by market value, surprised investors with the increase in iPhone sales, even with the decline in the global smartphone market.
The Dow Jones Industrial Average rose 120.81 points, or 0.36%, to 33,248.55 points at the open. The Standard & Poor’s 500 Index rose 23.51 points, or 0.58%, to 4,084.73 points.
The Nasdaq Composite Index rose 106.63 points, or 0.89%, to 12,073.03 points. And US employers hired more in April and raised wages, which indicates the continued strength of the labor market, which may prompt the US Reserve to keep interest rates high for a longer period.
The employment report issued by the US Department of Labor showed that non-farm payrolls increased by 253 thousand jobs last month. March data was revised down to show an increase of 165 thousand jobs instead of 236 thousand in the report issued earlier.
The unemployment rate fell to 3.4% from 3.5% in March. Average hourly earnings increased 0.5%, following increasing 0.3% in March. Wages increased 4.4% year-on-year in April, following rising 4.3% in March.
European stocks rose as sentiment was boosted by a limited rate hike by the European Central Bank, as well as corporate results. The European Stoxx 600 index rose 0.3% during trading, but it is heading to record a second consecutive weekly loss.
Banking and energy stocks led the gains on the index, rising 1.2% and 1.8%, respectively, while mining stocks fell 0.2%. Adidas shares jumped 5.2% following announcing better-than-expected first-quarter results.
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