S&P 500 Hits Fresh Record After Strong Jobs Data
US equities advanced on Friday after a better-than-expected April jobs report, while markets continued to track developments between the US and Iran. The S&P 500 rose 0.8% and the Nasdaq Composite gained 1.4%, with both benchmarks notching new intraday record highs. The Dow Jones Industrial Average added about 60 points, or 0.1%.
All three major indexes were on course to close the week higher as earnings remained supportive. Stronger tech results kept the Nasdaq on track for roughly a 4% weekly gain. The S&P 500 was set to rise about 2% for the week, positioning the index for a sixth consecutive weekly advance, while the Dow lagged with a week-to-date gain of around 0.3%.
Sentiment was reinforced by US Labor Department data showing nonfarm payrolls increased by 115,000 in April, beating the 55,000 consensus estimate. The unemployment rate held steady at 4.3%, in line with expectations, supporting the view that the labor market remains stable even as hiring moderates.
On the risk front, oil prices were marginally higher after the US and Iran exchanged fire in the Strait of Hormuz. WTI crude futures rose about 1% to around $95 a barrel. Both sides blamed the other for initiating the latest flare-up, while US Central Command said forces intercepted what it described as unprovoked Iranian attacks and responded with self-defense strikes as three US Navy destroyers transited the waterway. Markets will watch whether geopolitical headlines translate into sustained energy volatility or fade as deal hopes resurface.
Source : Newsmaker.id
