2023-05-07 23:05:58
The Dow Jones New York Stock Exchange closed higher on Friday (May 5), its biggest percentage gain since Jan. 6, driven by a rally in Apple stock. Up more than 4% following bright results and from the information indicating that The US labor market remains strong.
The Dow Jones Industrial Average closed at 33,674.38 points, an increase of 546.64 points or +1.65%, the S&P 500 index closed at 4,136.25 points, an increase of 75.03 points or +1.85%, and the Nasdaq index closed at 12,235.41 points, an increase of 269.01 points or +2.25%.
However, the Dow and S&P 500 closed lower this week, while the Nasdaq closed slightly higher last week.
The CBOE Volatility Index (VIX), a measure of investor anxiety in the US stock market. It fell the most for a single day since March 16.
The market was also supported by a rebound in regional banking stocks following the downturn caused by the collapse of the First Republic Bank, as analysts raised their investment recommendation for many such banks. following being oversold
The KBW regional banking stock rose 4.7 percent, with PacWest Bank Corp gaining 81.7 percent and Western Alliance Bank Corp gaining 49.2 percent.
Apple’s rally boosted other tech stocks, too, and all 11 of the S&P 500 ended in positive territory.
Apple shares rose 4.7 percent, their biggest percentage gain since November. Reached the highest level in regarding 9 months following revealing strong earnings. This helped alleviate investor concerns regarding a recession.
The market was also boosted by the release of employment data indicating that The US labor market remains strong. Although the US Federal Reserve (Fed) raised interest rates several times in the past by investors worried that Rising interest rates may eventually push the economy into recession.
The US Department of Labor said that Nonfarm payrolls rose by 253,000 in April. More than 180,000 jobs were expected, despite the slowing US economy and the banking crisis. The unemployment rate slipped to 3.4 percent, beating analysts’ expectations of 3.6 percent and hitting the lowest level since 1969. Inflation, a key gauge of inflation, rose 0.5 percent month-on-month and 4.4 percent year-on-year. which exceeds both monthly and yearly forecasts
The Fed raised interest rates 0.25% on Wednesday (May 3), as expected, as Fed Chair Jerome Powell said. It is too early to say the rate hike cycle is over. Because the Fed is still very worried regarding inflation.
1683502245
#REPEAT #York #stock #market #conditions #Dow #Jones #closed #points