S&P 500 hits record high after bad April jobs-report miss dampens inflation fears
- Tech stocks jumped on Friday after a weak April jobs report led to a rally in stay-at-home stocks.
- April saw an addition of 266,000 jobs, well below the estimates forecast of 1 million.
- The April jobs report represented the worst miss since 1998.
Technology stocks soared on Friday and the S&P 500 hit a record high after a weak April jobs report led to investors bidding up popular stay-at-home stocks that have performed well during the pandemic.April saw an addition of 266,000 jobs, well below the estimated forecast of 1 million. Unemployment rose to 6.1% from 6.0%. Economists had expected the rate to fall to 5.8%. The jobs report represented the worst miss since 1998.
Here's where US indexes stood at 10:50 a.m. ET on Friday:
- S&P 500: 4,230.35, up 0.68%
- Dow Jones industrial average: 34,689.74 up 0.41% (141.17 points)
- Nasdaq composite: 13,802.10 up 1.24%
The surge in bitcoin interest has led to banks opening up new business divisions to gain exposure. A report said Citi is planning to launch its own crypto trading services, and Goldman is also launching a cryptocurrency
Gold jumped 0.8%, to $1,831.20 per ounce.
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