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DailyBubble News

Wall Street: positive weekly results after the employment report

The Dow Jones, S&P500, and Nasdaq Composite all saw gains in Friday’s session, with the Dow Jones rallying 1.2% to 38,676, the S&P500 rising to 5,128, and the Nasdaq Composite soaring 2% to 16,156. This marked a second week of gains for the three US indices, despite concerns about monetary easing by the Fed and the health of the US economy.

The US economy added only 175,000 non-farm jobs in April, falling short of the expected 250,000. The unemployment rate rose to 3.9%, while the labor force participation rate remained at 62.7% and average hourly earnings increased by 3.9% annually. The ISM services index dipped to 49.4, entering contraction territory for the first time since late 2022, despite the S&P Global composite PMI being revised up to 51.3.

Bond markets reacted positively to the weaker-than-expected economic data, with yields on the ’10-yr’ and ‘2-yr’ easing by seven basis points each. Apple shares outperformed, rising by 6% after announcing a record-breaking $110 billion share buyback plan during its quarterly results announcement.

Overall, the markets responded positively to the news, showing resilience in the face of economic uncertainties.

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