What happened to the stock market Friday: & # 39; Goldilocks & # 39; Jobs, Apple
Dow Jones Industrial Average rally 369 points
Dow closed 372.68 points higher, or 1.42% at 26,573.72. The S&P 500 gained 1.42% to close at 2,951.01. Nasdaq Composite advanced 1.4% to 7,982.47. Friday's gains came after the recent US Labor Report hit a sweet spot among Wall Street traders.
"Goldilocks" reports increase stocks
The US economy added 136,000 jobs in September, missing a Dow Jones estimate of 145,000. However, unemployment dropped to 3.5%, which is a 50-year low. The report was good enough to stave off fears of recession, while failing to keep the Federal Reserve on track to cut interest rates by another 25 basis points later this month. A trader described the report as "Goldilocks."
Apple, tech lead
Apple rose TK% after Nikkei reported that the tech giant increased production of its iPhone 1[ads1]1 by 10%. Other tech stocks, including Facebook, Microsoft, Alphabet, Skyworks Solutions traded higher to drive profits.
What happens next?
Investors will rely on the next round of US-China trade talks. The negotiations will take place in Washington on Thursday and Friday. Wall Street will look for signs of significant progress from the talks as the conflict has dragged on for more than a year. Read more here.
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