© Reuters.
Investing.com — U.S. stocks jumped after Apple Inc. (NASDAQ:) posted stronger-than-expected on strong iPhone sales.
At 10:46 ET (14:46 GMT), the was up 431 points or 1.3%, while the was up 1.5% and the was up 1.8%.
The report from Apple overcame any concerns from a stronger-than-expected report on jobs for April. Shares of Apple rose 4.9%.
U.S. companies added 253,000 last month, more than the 180,000 analysts expected. The fell to 3.4%, also unexpected. The data point to resilient labor sector strength that could encourage the Federal Reserve to keep interest rates higher for a longer period of time.
Futures traders have been betting that the will pause its interest rate increases in June while it assesses the progress its actions have taken thus far to cool inflation. The Fed raised rates this week by another quarter of a percentage point.
Rapidly rising rates in the past year have raised concerns about the banking system, as regional banks get squeezed by higher rates that are attracting deposits to products that offer customers higher yields. PacWest Bancorp (NASDAQ:), which has been under pressure this week, rebounded on Friday. Shares were up over 50%, and shares of Western Alliance Bancorporation (NYSE:) rose over 29%.
Shares of online used car dealer Carvana (NYSE:) jumped 34% after saying it expects to record a profit in the current quarter.
Shares of ride-hailing company LYFT Inc (NASDAQ:) fell 21% on concerns its price war with rival Uber Technologies (NYSE:) could eat into its profit margin.
Oil was rising. was up 3.9% to $71.28 a barrel, while was up 3.7% to $75.19 a barrel. fell 1.9% to $2,015.
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