After two consecutive declining sessions, the US stock market recovered after the US announced a better April employment data than expected...
After two consecutive declining sessions, the US stock market recovered after the US announced a better April employment data than expected.
The Dow Jones industrial average rose 197.16 points to 26,504.95 points, while the S&P 500 rose nearly 1% to 2,945.64 points, recording the strongest increase since April 1. The Nasdaq Composite also gained over 1.6%, closing the session with 8,164 points. After the announcement of Berkshire Hathaway will invest in Amazon, the "giant" shares also rebounded.
In April, the US had 263,000 new jobs and the unemployment rate dropped to 3.6% - the lowest since December 1969, according to the Labor Department's announcement on Friday. The number of non-farm jobs increased beyond Wall Street estimates of 190,000 and the unemployment rate was 3.8%, according to Dow Jones estimates.
The market has witnessed 2 consecutive trading sessions in the red, after the Federal Reserve (Fed) said that inflation pressure is only "temporary". This comment implies that the Fed will keep the current interest rate, which disappoints investors.
The rise of the weekend session was led by Amazon, which rose for the first time in five days after Warren Buffett's announcement, up 3.2%.
Tesla's shares also rose 4.5% after electric car makers said they had issued more shares and bonds, in addition to CEO Elon Musk planning to buy more shares of the company.
Although there were positive developments in the last session, Dow Jones still recorded a weekly drop of 0.1% after the comment of Fed chairman, causing the market to go down for 2 consecutive sessions. S&P 500 and Nasdaq ended the week with a slight increase.
The financial reporting season with positive results also boosted the market's gaining momentum. According to FactSet, 75% of S&P 500 companies had over-expected business results.
