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Home»Finance»US stocks end the week higher after solid earnings and Goldilocks jobs report
Finance

US stocks end the week higher after solid earnings and Goldilocks jobs report

May 4, 2024No Comments2 Mins Read
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US stocks end the week higher after solid earnings and Goldilocks jobs report
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REUTERS/Brendan McDermid

  • US shares soared on Friday, with the Nasdaq 100 closing greater by about 1% for the week.

  • Strong earnings outcomes and a weaker-than-expected April jobs report helped push inventory costs greater.

  • “The case for charge cuts obtained somewhat stronger right now. Goldilocks might be making a comeback,” TradeStation’s David Russell mentioned.


US shares surged on Friday after a strong Apple earnings report and a weaker-than-expected April jobs report, which elevated the probabilities of an rate of interest reduce from the Federal Reserve later this 12 months.

The US economic system added 175,000 jobs in April, nicely beneath economists’ forecast of 238,000 jobs and much in need of the 303,000 added in March. In the meantime, the unemployment charge ticked greater, to three.9% from 3.8%. The roles report additionally confirmed the slowest year-over-year wage development since June 2021.

“Worries about wage pressures have dragged in the marketplace not too long ago and right now’s quantity relieves a few of these fears. The primary quarter had a number of troublesome numbers on the inflation entrance however the second quarter is perhaps beginning on a cooler footing. The case for charge cuts obtained somewhat stronger right now. Goldilocks might be making a comeback,” TradeStation market strategist David Russell mentioned in feedback to Enterprise Insider.

The sunshine jobs report ought to finally give the Fed extra flexibility in rushing up the timing of charge cuts, and bond yields fell considerably with that sentiment in thoughts. The ten-year Treasury be aware dropped 8 foundation factors to 4.50%.

Additionally serving to increase shares Friday was Apple, which surged about 7% after it reported a better-than-feared second-quarter earnings report. The iPhone maker additionally launched a historic $110 billion stock-buyback program and elevated its quarterly dividend by 4%, which was cheered by buyers.

Here is the place US indexes stood on the 4:00 p.m. closing bell on Friday: 

Here is what else occurred right now: 

In commodities, bonds, and crypto: 

  • West Texas Intermediate crude oil dropped 1.15% to $78.04 a barrel. Brent crude, the worldwide benchmark, declined 0.98% to $82.85 a barrel.

  • Gold edged decrease by 0.13% to $2,306.60 an oz.

  • The ten-year Treasury yield fell 8 foundation factors to 4.50%.

  • Bitcoin jumped 4.51% to $61,748.

Learn the unique article on Enterprise Insider

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Earnings Goldilocks Higher jobs report solid Stocks week
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