Live updates for US economy and finance: Social Security checks, unemployment, Fed rate hike…
The Dow has its biggest gain since January
Stocks ended the week on a high note, led by the Dow the largest one-day percentage increase since January 6. Shares of Apple rose more than 4% after positive results and jobs data pointed to a robust labor market.
Adding to the bullish momentum, regional bank shares rose back from fallout related to the collapse of First Republic Bank.
PacWest gained 81.7% and Western Alliance jumped 49.2%, while the KBW regional banking index rose 4.7%.
Apple’s quarterly results also cheered investors worried about a potential recession. The iPhone maker̵[ads1]7;s shares took a hit its highest level in about nine monthsand the share ended up 4.7% in its biggest daily percentage increase since November.
The stock was the biggest positive influence on all three major US stock indices.
The Ministry of Labour’s report showed that job growth accelerated in April and wage growth rose solidly, which suggests the labor market has remained strong despite rlarge interest rate increases from the Federal Reserve.
Investors have been concerned that interest rate increases may eventually push the economy into recession.