Thanks to Apple and job data… big gains for US stocks

2023-05-05 20:39:34

US stocks closed sharply higher on Friday, with Apple jumping following strong results, while US jobs data indicated the strength of the labor market.

Apple’s results also calmed 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 today 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 preliminary data, the Standard & Poor’s 500 index closed up 74.55 points, or 1.84 percent, at 4,135.77 points, while the Nasdaq Composite Index increased by 264.67 points, or 2.21 percent, to 12,231.07 points. The Dow Jones Industrial Average rose 541.01 points, or 1.63 percent, to 33,668.75 points.

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