WASHINGTON (dpa-AFX) - After ending Thursday's session off their best levels but still mostly higher, stocks have shown another strong move to the upside during trading on Friday. With the upward move, the major averages have reached their best intraday levels in a month.
Currently, the major averages are off their highs of the session but still firmly positive. The Nasdaq is up 221.12 points or 1.3 percent at 17,931.86, the S&P 500 is up 66.85 points or 1.2 percent at 5,670.99 and the Dow is up 435.00 points or 1.1 percent at 41,187.96.
The continued strength on Wall Street comes following the release of a closely watched Labor Department report showing U.S. job growth far exceeded economist estimates in the month of April.
The Labor Department said non-farm payroll employment shot up by 177,000 jobs in April compared to expectations for an increase of about 130,000 jobs.
At the same time, the jumps in employment in February and March were downwardly revised to 102,000 jobs and 185,000 jobs, respectively, reflecting a net downward revision of 58,000 jobs.
The report also said the unemployment rate came in at 4.2 percent in April, unchanged from the previous month and in line with economist estimates.
'Markets breathed a sigh of relief this morning as the jobs data came in better than expected,' said Chris Zaccarelli, Chief Investment Officer for Northlight Asset Management. 'While recession fears are still simmering on the back burner, the buy-the-dip dynamic can continue - at least until the tariff pause runs out.'
Buying interest has also been generated in reaction to indications China is open to trade talks with the U.S., with a spokesperson for China's Ministry of Commerce saying U.S. officials have 'repeatedly expressed their willingness to negotiate with China on tariffs.'
The spokesperson said China is 'currently evaluating' messages sent to China through relevant parties hoping to start trade talks.
However, according to a Google translation, the spokesperson said the U.S. has to be prepared to 'correct its wrong practices' and cancel unilateral tariffs if it wants to talk and warned failure to do so would show the U.S. has 'no sincerity at all and will further damage the mutual trust between the two sides.'
The rally on Wall Street comes a despite a slump by shares of Apple (AAPL), with the tech giant tumbling by 3.7 percent after reporting its quarterly results after the close of Thursday's trading.
Sector News
Airline stocks are turning in some of the market's best performances on the day, with the NYSE Arca Airline Index soaring by 4.7 percent.
Substantial strength is also visible among semiconductor stocks, as reflected by the 3.2 percent surge by the Philadelphia Semiconductor Index. With the jump, the index has reached its best intraday level in over a month.
Software, banking and pharmaceutical stocks are also seeing significant strength, while telecom stocks are among the few groups bucking the uptrend.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index shot up by 1.0 percent, while Hong Kong's Hang Seng Index surged by 1.7 percent.
The major European markets have also shown strong moves to the upside on the day. While the German DAX Index is up by 2.5 percent, the French CAC 40 Index is up by 2.3 percent and the U.K.'s FTSE 100 Index is up by 1.3 percent.
In the bond market, treasuries are extending yesterday's slump in reaction to the upbeat jobs data. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 6.8 basis points at 4.299 percent.
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