Stocks rose Friday on Wall Street following a better-than-expected report on the US job market.
- The Dow rose 443.13 points, or 1%, to 42,762.87, ending the week up 1.2%.
- The S&P 500 rose 61.06 points, or 1%, to 6,000.36, for a gain of 1.5% for the week.
- The Nasdaq rose 231.50 points, or 1.2%, to 19,529.95, up 2.2% for the week.
The gains were broad, the AP reports, with every sector in the benchmark S&P 500 rising. Technology stocks, with their outsize values, gave the market its biggest boost. Chipmaker Nvidia jumped 1.2%, and iPhone maker Apple rose 1.6%. Tesla rose 3.7%, regaining some the losses it suffered on Thursday when President Trump and Elon Musk sparred feverishly on social media. Circle Internet Group, the US-based issuer of one of the most popular cryptocurrencies, rose 29.4%. That adds to its 168% gain from Thursday when it debuted on the New York Stock Exchange.
US employers slowed their hiring last month but still added a solid 139,000 jobs despite uncertainty over President Trump's trade war. "It looks like, for now, everything is kind of running smoothly," said Chris Zaccarelli of Northlight Asset Management. "Investors see that as a positive, but we also haven't seen the full effect of tariffs yet." Tariff concerns still weigh on companies. Lululemon Athletica plunged 19.8% after the maker of yoga clothing cut profit expectations late Thursday as it tries to offset the impact of tariffs while being buffeted by competition from startup brands. Lululemon joins companies, including retailers and airlines, that have warned investors about the potential hit to revenue and profits because of tariffs raising costs and consumers potentially tightening their spending.
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