Dow: US stocks: Dow has its best day since Jan 6 after Apple rally, jobs data – Times of India

New York: US stock rallied on Friday with Dow posted its biggest one-day percentage gain since January 6 as shares of Apple Shares rose more than 4% after upbeat results and US jobs data pointed to a resilient labor market.
Adding to the bullish momentum, the regional bank’s shares rebounded from declines linked to the collapse of First Republic Bank. Analysts downgraded several lenders they said were oversold.
PacWest Bancorp jumped 81.7% and Western Alliance Bancorp jumped 49.2%, while the KBW Regional Bank Index rose 4.7%.
Apple’s quarterly results also cheered investors worried about a possible recession. Shares of the iPhone maker rose to their highest level in nearly nine months, and the stock soared 4.7% in its biggest daily percentage gain since November.
The stock had the biggest positive impact on all three major US stock indexes.
A US Labor Department report showed that job growth accelerated in April and wage gains solidified, suggesting that the labor market remains strong despite recent interest rate hikes by the Federal Reserve.
With the Jobs report, “It’s about the state of the US economy, and what we saw today shows it’s in better shape than previously thought,” said Christina Hooper, chief global market strategist at Invesco in New York.
Investors are worried that raising rates could eventually push the economy into recession.
The Dow Jones Industrial Average rose 546.64 points, or 1.65%, to 33,674.38, the S&P 500 rose 75.03 points, or 1.85%, to 4,136.25 and nasdaq The composite closed up 269.02 points, or 2.25%, at 12,235.41.
The Cboe Volatility Index posted its biggest one-day decline since March 16.
The Dow and S&P 500 still posted losses for the week, while the Nasdaq ended with modest gains for the week.
On Wednesday, the US central bank raised rates by 25 basis points as expected, but Fed Chair Jerome Powell said it was too early to say with certainty that the rate-hike cycle was over as inflation remained the main concern. Is.
Apple led other tech stocks, but all 11 major S&P sectors were higher on the day.
The estimated decline in first-quarter S&P 500 earnings is narrowing since the start of the reporting season and is now just 0.7% year-over-year, Refinitiv data showed on Friday.
Volume on US exchanges stood at 10.57 billion shares compared to an average of 10.70 billion for the entire session in the last 20 trading days.
outnumbering issues on the NYSE by a 4.95-to-1 ratio; On the Nasdaq, the 2.75-to-1 ratio was in favor of the advancers.
The S&P 500 posted 13 new 52-week highs and 3 new lows; The Nasdaq Composite recorded 87 new highs and 104 new lows.