Wall Street surged to a higher close Friday as a softer-than-expected employment report bolstered the case for rate cuts from the Federal Reserve while also providing evidence of U.S. economic resilience.
All three major U.S. stock posted robust gains. The tech-heavy Nasdaq led the pack with an assist from Apple shares following the iPhone maker's record share buyback announcement.
The Labor Department's employment report showed the U.S. economy added fewer jobs than expected, while the unemployment rate ticked higher and wage growth unexpectedly cooled. The report prompted investors to raise bets the Fed would implement its first rate reduction in September. "Let's remember, it's early May; we shouldn't pretend that the year's over or somehow every card has been played," said Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. "But I don't think for a second that any Fed official really believes that a rate hike is appropriate given current conditions and data."
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