2023-05-06 06:13:00
Apple shares were the main positive driver for the three major indices in the US market
US stocks closed sharply higher on Friday, with a jump in Apple shares following strong results, while US jobs data indicated the strength of the labor market.
Apple’s results also eased the fears of investors worried regarding a recession. Shares of the company that produces “iPhone” phones were the main positive driver for the three main indices in the US stock market.
A report issued by the US Department of Labor showed an acceleration in job growth in April and an increase in wages, which indicates the continued strength of the labor market despite the Federal Reserve (US Central Bank) raising interest rates recently, according to Archyde.com.
The “Standard & Poor’s 500” index closed up 74.55 points, or 1.84%, at 4135.77 points, but the index fell 0.8% during the week.
The “Nasdaq Composite” index increased by 264.67 points, or 2.21%, to 12231.07 points, while the index rose by 0.07% on a weekly basis.
The Dow Jones Industrial Average rose 541.01 points, or 1.63%, to 33,668.75 points, while it declined 1.25% during the week.
Apple reported quarterly revenue and profits that were higher than Wall Street expected, with iPhone sales rising and wearable device sales falling less than analysts had feared.
Apple’s quarterly profit fell by 3% to $24 billion, but it was better than analysts’ expectations.
Apple said its sales for the second quarter of the fiscal year ending April 1 fell 2.5% to $94.84 billion, exceeding analyst expectations for a 4.4% decline to $93 billion, according to Refinitiv data. Earnings were flat at $1.52 per share, compared to estimates for a 5.7% decline to $1.43 per share, according to Refinitiv data.
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