Stocks rally as Apple hits an all-time high
Stocks soared Friday as Apple hit an all-time high. Wall Street shrugged off employment numbers that fell short of economist expectations. Oil and the dollar rallied. Treasury yields mostly fell.
Dow Jones Industrial Average: 24,257.32 +327.17 (+1.37%)
S&P 500: 2,665.42 +35.69 (+1.36%)
- US unemployment dropped to a 17-year low in April at 3.9%. The US added less jobs than economists expected and wage growth remained sluggish, data from the Bureau of Labor Statistics' monthly report showed.
- Trade negotiations between US and Chinese trade officials continued in Beijing. The Trump administration went into the talks with a list of demands, including that China reduce its trade deficit by $200 billion over the next two years.
- The dollar hit its highest level this year versus a basket of major currencies. The Dollar Index briefly rose as high as 92.90 - the highest level since December 2017 - before retreating to 92.60.
- Oil flirted with $70 a barrel. West Texas Intermediate rallied as high as $69.97 a barrel as the deadline for a possible US exit from the Iran nuclear deal looms.
- Warren Buffett's Berkshire Hathaway bought another 75 million shares of Apple. Apple shares hit an all-time high following the news.
- Earnings season rolls on. Alibaba and Weight Watchers beat analyst expectations.