April Jobs Report Beats Expectations, Stocks Hit New Records
U.S. employers added 115,000 jobs in April, significantly exceeding analyst forecasts and pushing major stock indexes to fresh record highs. The strong labor market data overshadowed Middle East tensions as the Nasdaq and S&P 500 rallied.
Stronger-Than-Expected Jobs Growth Powers Market Higher
Key Data:
- Nonfarm payrolls increased by 115,000 in April, nearly double the 60,000 jobs analysts expected
- Unemployment rate held steady at 4.3%, matching forecasts
- March and April mark the first back-to-back six-figure employment growth months since late 2024
Market Response
The S&P 500 rose 0.8% to close at 7,399, the Nasdaq Composite gained 1.7% to 26,247 with both indexes hitting fresh highs, while the Dow Jones Industrial Average edged up 12 points to 49,609. Upbeat tech earnings lifted the Nasdaq to a 4.5% climb for the week, while the S&P 500 gained 2.3%, with both posting six straight winning weeks, marking the longest win streak since 2024.
Labor Market Resilience
For the second straight month, U.S. jobs growth surpassed Wall Street's expectations in April at 115,000, with large jumps in healthcare and transportation and warehousing positions. The gains underscore a labor market that continues to show strength despite broader economic uncertainty.