U.S. Stock Market Surges on Strong April Jobs Report and Tech Earnings Momentum
U.S. stock markets hit record highs Friday as a stronger-than-expected April jobs report bolstered investor confidence. The S&P 500 and Nasdaq reached all-time closing records, driven by strong technology earnings and easing Middle East tensions.
Market Records and Jobs Beat
U.S. equities rose on Friday following a better-than-expected April's jobs report as the S&P 500 advanced 0.84% to end at 7,398.93, while the Nasdaq Composite climbed 1.71% to 26,247.08, with both indexes hitting new all-time intraday highs and closing at records. For the second straight month, U.S. jobs growth surpassed Wall Street's expectations in April at 115,000, while unemployment stayed at 4.3%.
Weekly Wins and Tech Leadership
All three major averages posted weekly gains, propelled by strong earnings, with upbeat tech earnings lifting the Nasdaq to a 4.5% climb, while the S&P 500 gained 2.3%, both posting six straight winning weeks, marking the longest win streak since 2024.
Chipmaker Gains
Chipmaker AMD has crossed the $700 billion threshold for market capitalization following an earnings beat, valued at $713 billion as of 10:28 AM eastern time on Friday, with the stock up 20% this week and almost 90% over the past month as demand has soared for chips amid the AI infrastructure buildout.
Consumer Sentiment Pressured
Surging gas prices due to the Iran war sent consumer sentiment to a new low in the early part of May, according to a University of Michigan survey Friday.