REUTERS: Wall Street's main indexes gained on Friday, as a surge in job additions in April pointed to a solid domestic economy, while a steady rise in wages backed the Federal Reserve's patient view on interest rate hikes.
"It really reiterates Powell's message on Wednesday, that the economy is in really good shape and inflation is low and that there isn't any need to make changes to policy right now." Nearly 400 S&P 500 companies have reported so far and three-quarters have topped profit estimates, according to Refinitiv data. The better-than-expected results have turned around earnings estimate for the first quarter to an almost 1per cent rise from a 2per cent decline at the start of April.
Cisco Systems Inc dipped 0.3per cent, after fellow network gear-maker Arista Networks Inc forecast weak current-quarter revenue. Shares of Arista plunged 15.1per cent, the most among S&P 500 companies.
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