by Caroline Valetkevitch
NEW YORK (Reuters) – The New York Stock Exchange ended higher on Friday as Apple’s earnings were hailed and a Labor Department report highlighted the resilience of the job market.
The Dow Jones Industrial Average gained 1.65%, or 546.64 points, to 33,674.38 points.
The broader S&P-500 gained 75.03 points, or 1.85%, to 4,136.25 points.
The Nasdaq Composite advanced for its part by 269.02 points (2.25%) to 12,235.41 points.
Apple’s results delighted investors, worried about a possible recession, and positively influenced the three main indices of Wall Street.
The Labor Department’s monthly report showed the U.S. economy added more jobs than expected in April and wage growth accelerated, which could prompt the Federal Reserve to keep interest rates low. a high level.
“What we saw today (along with the jobs report) suggests the economy is doing better than expected,” said Kristina Hooper, chief global market strategist at Invesco.
Investors fear that rate hikes will tip the economy into recession.
Regional banks also pared their losses after the recent setback caused by the collapse of First Republic Bank.
Tech stocks benefited from Apple’s good results.
All eleven S&P 500 sector indices were up.
(With contributions from Ankika Biswas, Sruthi Shankar and Sinead Carew; Camille Raynaud)
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