US stocks opened higher yesterday, as strong earnings from tech giant Apple pointed to stronger corporate earnings, while stronger-than-expected job growth dampened expectations that the Federal Reserve will cut rates.
Apple, the world’s largest company by market value, surprised investors with a surge in iPhone sales despite a slump in the global smartphone market.
The Dow Jones industrial average rose 120.81 points, or 0.36%, to 33,248.55. The S&P 500 index was up 23.51 points, or 0.58%, at 4,084.73.
The Nasdaq Composite added 106.63 points, or 0.89%, to 12,073.03. And U.S. employers hired more and raised wages in April, indicating continued strength in the labor market that could prompt the U.S. Reserve to keep interest rates higher for longer.
The U.S. Labor Department’s employment report showed that nonfarm payrolls increased by 253,000 jobs last month. March data was revised to show an increase of 165,000 jobs instead of 236,000 in the previously released report.
The unemployment rate fell to 3.4% from 3.5% in March. Average hourly earnings rose 0.5% after rising 0.3% in March. Wages rose 4.4% year over year in April, after rising 4.3% in March.
European stocks rose as sentiment was boosted by a limited rate hike by the European Central Bank and corporate results. The pan-European Stoxx 600 index rose 0.3% in late trade, but is on track to record a second straight weekly loss.
Mining stocks fell 0.2%, while banking and energy stocks rose 1.2% and 1.8% respectively to lead gains in the index. Adidas shares rose 5.2% after reporting better-than-expected first-quarter results.
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The dollar is falling amid the possibility that the US Federal Reserve will hold off on raising interest rates