But stocks began pulling back after Fed Chair Jerome Powell said in a news conference that low inflation appeared"to be transient or idiosyncratic," a comment that analysts said suggested the US central bank would not soon cut interest rates.
Earlier, US private-sector hiring surged by 275,000 new positions in April - beating the consensus forecast by more than 100,000 - driven by a huge increase in the dominant services sector, payroll services firm ADP reported.Meanwhile, an industrial survey showed activity in US manufacturing had hit its slowest pace in more than two years last month on falling production and weaker demand.
Tech giant Apple surged 4.9 per cent as it reported better-than-expected quarterly results with gains in services helping to offset slumping iPhone sales. Other companies with gains after earnings included food company Mondelez, which rose 1.6 per cent, Hilton Worldwide, up 6.5 per cent, and CVS Health, up 5.4 per cent.
Source: News Formal (newsformal.com)
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