02:57 AM IST
The three major U.S. stock indexes rose more than 1 percent on Friday after weaker-than-expected U.S. wage growth helped to calm investor fears about rising interest rates and inflation, though the S&P 500 and Dow Industrials still posted losses for the week.
Apple Inc
Apple shares ended Friday`s session up 3.9 percent at $183.83. The company`s stock surged to its greatest weekly percentage gain since October 2011.
At the market open, U.S. stocks had fallen after the Labor Department reported the U.S. unemployment rate dropped to near a 17-1/2-year low of 3.9 percent.
The S&P 500 bounced off its 200-day moving average, a technical level that indicates the long-term trend.
U.S. stocks climbed as the session progressed. Investors said that the low unemployment figure, which on its own might point to inflationary pressure on wages, was countered by April`s mere 0.1-percent rise in wages, which was below expectations.
"It`s a rather happy circumstance we find ourselves in," said Jamie Cox, managing partner for Harris Financial Group in Richmond, Virginia. "Everyone has a job who wants one, and we don`t have the negative piece of it, which is the inflation piece."
The Dow Jones Industrial Average <.dji> rose 332.36 points, or 1.39 percent, to 24,262.51, the S&P 500 <.spx> gained 33.69 points, or 1.28 percent, to 2,663.42 and the Nasdaq Composite <.ixic> added 121.47 points, or 1.71 percent, to 7,209.62.
For the week, the Dow lost 0.2 percent and the S&P fell 0.24 percent. It was the second straight week of losses for both indexes.
By contrast, the Nasdaq gained 1.26 percent on the strength of tech stocks` rally on Friday. The S&P 500 technology sector <.splrct> rose 2.0 percent.
All the 11 major S&P sectors were higher, and 29 of the 30 Dow members were in the black, with Chevron Corp
Pandora Media Inc
Shares of CBS Corp
Fluor Corp
Advancing issues outnumbered declining ones on the NYSE by a 3.00-to-1 ratio; on Nasdaq, a 2.77-to-1 ratio favoured advancers.
The S&P 500 posted 16 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 94 new highs and 47 new lows.
Volume on U.S. exchanges was 6.37 billion shares, compared to the 6.57 billion average for the full session over the last 20 trading days.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
)
Gratuity Calculation: What will be your gratuity for Rs 55,000, Rs 75,000, and Rs 95,000 last-drawn salary after 9 years and 4 months of service?
)
Rs 30,00,000 Lump Sum Investment in Mutual Fund: In how many years can you create a corpus of Rs 1 crore, Rs 2 crore & Rs 3 crore at 12% annual return?
)
SIP Calculation: Rs 14,000/month investment, how quickly can you generate over Rs 13 crore corpus? See calculations
)
7 Stocks to buy for long term: Analysts recommend largecap, midcap stocks; Axis Bank, Ambuja Cements on the list
)
Power of Rs 13,000 SIP: How many years will it take to generate Rs 9,00,00,000 corpus with just Rs 13,000 monthly investment?
02:57 AM IST