Already a subscriber?Stocks are rising on Wall Street following a government report showing job growth rose modestly in April, a sign that persistently high interest rates may be starting to take a bigger toll on the world’s largest economy.
Treasury yields in the bond market mostly fell following the jobs report. The yield on the 10-year Treasury, which lenders use as a guide for pricing home loans, eased to 4.5 per cent from 4.59 per cent late Thursday. The two-year yield, which moves more closely with expectations for the Fed, fell to 4.81 per cent from 4.88 per cent.
The Fed’s main interest rate has been sitting at its highest level since 2001, and cuts would release some pressure on the economy and financial markets. Technology stocks accounted for much of the rally Friday. Apple jumped 7.2 per cent after announcing a mammoth $US110 billion stock buyback. The tech giant reported late Thursday its steepest quarterly decline in iPhone sales since the outset of the pandemic.Several companies notched gains after reporting strong quarterly results.
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