Stocks rose on Friday following a stronger-than-expected April jobs report, with the Nasdaq up 1.58% to hit a record close. The Dow gained 195 points, while the S&P 500 rose nearly 1% for its biggest gain since April 1.
climbed 1.6% higher to hit a record high of 8,164. Shares of Amazon got a boost from an investment by Warren Buffett's Berkshire Hathaway.in April while the unemployment rate fell to 3.6%, the lowest since December 1969, according to a Labor Department report Friday. The nonfarm payroll growth far outpaced Wall Street expectations of 190,000 and a 3.8% jobless rate, according to Dow Jones estimates.
"It was definitely a strong number without a doubt," said Randy Frederick, vice president of trading and derivatives at the Schwab Center for Financial Research. "The average for the last three months has only been around 164,000, so it's way above that." The market halted two straight days of losses driven by Federal Reserve Chairman Jerome Powell's comments Wednesday on low inflation pressures being "transitory." The comments lowered the odds of an insurance rate cut, which disappointed investors.
"Today's jobs report provides strong evidence that the Fed should not try to fix what isn't broken," said Ron Temple, head of U.S. equity at Lazard Asset Management. "After adding 169,000 jobs per month for the last three months, in spite of multi-decade lows in unemployment, it should be clear that the U.S. economy does not need additional stimulus measures."
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