The S&P 500 rose 1.47% on Friday, marking its ninth consecutive day of gains. This is the longest winning streak for the index since November 2004. The Dow Jones Industrial Average climbed 564.47 points, or 1.39%, to end at 41,317.43.
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The Nasdaq Composite gained 1.51% and settled at 17,977.73. Investors welcomed the April jobs report showing an increase of 285,000 jobs. This exceeded economist expectations and provided a positive outlook on the economy.
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The unemployment rate stood at 4.2%, in line with forecasts.
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Chris Zaccarelli, chief investment officer at Northlight Asset Management, said, “Markets breathed a sigh of relief this morning as the jobs data came in better than expected. While recession fears are still simmering, the buy-the-dip dynamic can continue at least until the tariff pause runs out.”
Tensions continue between the U.S. and China regarding tariff policies.
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Chinese authorities urged the U.S. to remove all unilateral tariffs. A statement from Beijing indicated that they are willing to negotiate but stressed that the U.S. needs to show sincerity by canceling tariffs. Earnings reports from major companies were mixed.
Shares of Apple slid 3.7% after its services division revenue fell short of estimates.
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The company also forecasted $900 million in additional costs for the quarter due to tariffs.
Amazon’s stock dipped slightly by 0.4% despite reporting better-than-expected earnings and revenue. The company gave soft guidance for the current period citing concerns over tariffs and trade policies. Jay Hatfield of Infrastructure Capital Advisors noted that the recent market sell-off due to tariff concerns may be over.
“We think we’ve passed peak tariff tantrum,” Hatfield said. He anticipates a summer rally once market uncertainties are clearer. Oil prices fell more than 1% on Friday ahead of an OPEC+ meeting scheduled for Saturday.
U.S. crude futures fell $1.13, or 1.91%, to $58.11 a barrel, while Brent crude dropped 1.58% to $61.15 a barrel. Duolingo’s shares soared over 18% after the language-learning app projected better-than-expected revenue for the second quarter. As the market wrapped up the week, all three major averages posted their second consecutive week of gains.
The S&P 500 added 2.9%, the Dow climbed 3%, and the Nasdaq increased by 3.4%. Berkshire Hathaway board member Chris Davis highlighted the company’s resilience, calling it a “national treasure built to endure and withstand almost anything.”
The Wall Street Journal reported that China is considering measures to address U.S. concerns related to the fentanyl crisis. This raises hopes for renewed trade discussions between the two nations.
