All three major US stock posted robust gains. The tech-heavy Nasdaq led the pack, rising 2 per cent with an assist from Apple shares following the iPhone maker’s record share buyback announcement. — Reuters picNEW YORK, May 4 — Wall Street surged to a higher close yesterday as a softer-than-expected employment report bolstered the case for rate cuts from the Federal Reserve while also providing evidence of US economic resilience.
The Labour Department’s employment report showed the US economy added fewer jobs than expected, while the unemployment rate ticked higher and wage growth unexpectedly cooled.The report likely hit the sweet spot for the Fed, offering signs the labour market is softening, which Powell has deemed necessary to put inflation on a sustainable downward path. The report also provided assurances on US economic health.
“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.”
Shares of biotech firm Amgen jumped 11.8 per cent after encouraging interim data on its experimental weight-loss drug MariTide and first-quarter earnings. Of the 11 major sectors in the S&P 500, all but energy ended the session in positive territory, with technology claiming the largest percentage gain at 3.0 per cent.
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