Stocks soared on Friday as investors reacted positively to Apple’s impressive quarterly earnings report and a jobs report that showed signs of easing inflation pressure. Apple’s stock surged 6.0% after reporting higher-than-expected earnings and revenue for its fiscal second quarter, along with announcing a record $110 billion stock buyback program and a dividend hike. Analysts are optimistic about the future of Apple, especially with upcoming events like the expected unveiling of new iPads next Tuesday.
But it wasn’t just Apple making waves in the market. Amgen, a drugmaker, saw its stock spike 11.8% after reporting better-than-expected earnings and announcing the discontinuation of its weight-loss pill in favor of focusing on its obesity injectable, MariTide. Analysts believe Amgen has a promising future ahead, potentially becoming a multi-billion dollar player in the market.
On the economic front, the April jobs report showed a slight cooling in wage growth, with the U.S. adding 175,000 new jobs and the unemployment rate ticking up to 3.9%. This news, coupled with Federal Reserve Chair Jerome Powell’s indication of a less aggressive rate hike strategy, has put investors in a risk-on mode.
By the end of the trading day, the Dow Jones Industrial Average was up 1.2%, the S&P 500 had gained 1.3%, and the Nasdaq Composite had surged 2.0%. Overall, it was a day of optimism and excitement in the stock market as positive news from Apple and Amgen, along with a jobs report showing signs of easing inflation pressure, fueled investor sentiment.
