On Friday, the U.S. stock market experienced a rally as investors analyzed the April jobs report from the Labor Department. The report indicated that the U.S. labor market is still strong, but growth is slowing down. This gave investors hope that the Federal Reserve may pause its interest rate hikes at its upcoming meeting next month.
It was a busy week for investors, with the Federal Reserve raising interest rates by another 0.25% and key earnings reports from companies like Apple (AAPL), Starbucks (SBUX), and Ford (F) mostly positive for the quarter.
In late afternoon trading, the S&P 500 (^GSPC) rose by 1.88%, while the Dow Jones Industrial Average (^DJI) increased by over 500 points, or 1.63%. The technology-heavy Nasdaq Composite (^IXIC) also saw a rise of 2.24%.
Following heightened upheaval within the regional banking sector, the flight to traditional “safe haven” assets like gold (GC=F) eased on Friday. This comes about two months after the collapse of Silicon Valley Bank, which triggered a ripple effect.
2023-05-05 13:46:53
Post from finance.yahoo.com