REUTERS/Brendan McDermid
Friday saw a remarkable surge in US stocks, particularly the Nasdaq 100 which closed the week with a 1% increase.
The positive momentum was fueled by strong earnings reports and a lower-than-expected April jobs data, driving stock prices upwards.
“Today’s developments have strengthened the argument for potential rate cuts. It seems like a Goldilocks scenario might be on the horizon,” remarked David Russell from TradeStation.
The stock market in the US experienced a significant boost on Friday following impressive Apple earnings and a disappointing April jobs report, heightening the likelihood of a Federal Reserve interest rate cut later in the year.
In April, the US economy added 175,000 jobs, falling short of the projected 238,000 jobs and a significant drop from the 303,000 jobs added in March. Additionally, the unemployment rate rose to 3.9% from 3.8%, with the slowest year-over-year wage growth since June 2021.
2024-05-03 23:05:07
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