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U.S. Stocks Close Friday in Positive Territory
(MENAFN) U.S. equity markets closed firmly in positive territory Friday, powered by a stronger-than-anticipated labor market report and a landmark semiconductor partnership that sent shockwaves through the technology sector.
The Dow Jones Industrial Average edged up 12.19 points, or 0.02 percent, to close at 49,609.16. The S&P 500 climbed 61.82 points, or 0.84 percent, to finish at 7,398.93. The Nasdaq Composite Index led the charge, surging 440.88 points, or 1.71 percent, to settle at 26,247.08.
Of the 11 primary S&P 500 sectors, six ended the session in positive territory. Technology and consumer discretionary spearheaded the gains, advancing 2.74 percent and 0.5 percent respectively, while utilities and health care bore the brunt of the selling pressure, retreating 0.91 percent and 0.86 percent.
The semiconductor space delivered the session's most electrifying moment. A Wall Street Journal report revealing that Apple and Intel had struck a deal for Intel to supply chips for a portion of Apple's device lineup sent both stocks into overdrive. Intel shares rocketed nearly 14 percent on the news, while Apple gained over 2 percent, providing a massive tailwind to the tech-heavy Nasdaq.
Investor confidence received an additional boost from April's employment figures. U.S. nonfarm payrolls expanded by a seasonally adjusted 115,000 for the month — a moderation from the unusually robust 185,000 jobs added in March, but a figure that comfortably surpassed the Dow Jones consensus forecast of just 55,000, signaling that the labor market continues to hold firm against broader economic headwinds.
Austan Goolsbee, president of the Federal Reserve Bank of Chicago, offered a measured but reassuring read of the data in an interview. "I characterize that we've been stable without being good ... The unemployment rate has been stable, the hiring rate's been stable, the layoff rate's been stable, the vacancy rate has been stable. So, I still think there's not a lot of evidence that the job market is falling apart," he said, adding that the labor market has been "pretty much stable for a year, year and a half."
Not all corners of the market shared in Friday's optimism. A wave of post-earnings selling hammered several high-profile names. Cloudflare cratered 23.62 percent in the session's steepest single-stock decline. Travel platform Expedia Group shed 9.02 percent, while AI infrastructure firm CoreWeave tumbled 11.4 percent.
The Dow Jones Industrial Average edged up 12.19 points, or 0.02 percent, to close at 49,609.16. The S&P 500 climbed 61.82 points, or 0.84 percent, to finish at 7,398.93. The Nasdaq Composite Index led the charge, surging 440.88 points, or 1.71 percent, to settle at 26,247.08.
Of the 11 primary S&P 500 sectors, six ended the session in positive territory. Technology and consumer discretionary spearheaded the gains, advancing 2.74 percent and 0.5 percent respectively, while utilities and health care bore the brunt of the selling pressure, retreating 0.91 percent and 0.86 percent.
The semiconductor space delivered the session's most electrifying moment. A Wall Street Journal report revealing that Apple and Intel had struck a deal for Intel to supply chips for a portion of Apple's device lineup sent both stocks into overdrive. Intel shares rocketed nearly 14 percent on the news, while Apple gained over 2 percent, providing a massive tailwind to the tech-heavy Nasdaq.
Investor confidence received an additional boost from April's employment figures. U.S. nonfarm payrolls expanded by a seasonally adjusted 115,000 for the month — a moderation from the unusually robust 185,000 jobs added in March, but a figure that comfortably surpassed the Dow Jones consensus forecast of just 55,000, signaling that the labor market continues to hold firm against broader economic headwinds.
Austan Goolsbee, president of the Federal Reserve Bank of Chicago, offered a measured but reassuring read of the data in an interview. "I characterize that we've been stable without being good ... The unemployment rate has been stable, the hiring rate's been stable, the layoff rate's been stable, the vacancy rate has been stable. So, I still think there's not a lot of evidence that the job market is falling apart," he said, adding that the labor market has been "pretty much stable for a year, year and a half."
Not all corners of the market shared in Friday's optimism. A wave of post-earnings selling hammered several high-profile names. Cloudflare cratered 23.62 percent in the session's steepest single-stock decline. Travel platform Expedia Group shed 9.02 percent, while AI infrastructure firm CoreWeave tumbled 11.4 percent.
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