The Dow and S&P 500 hit record closing highs on Friday while registering gains for the week, and the Nasdaq recovered after U.S. jobs data eased concerns over prospects for rising rates.in April, likely restrained by shortages of workers, the Labor Department report showed.
Heavily-weighted growth stocks such as Microsoft Corp MSFT.O and Apple Inc AAPL.O rose by 1.1% and 0.5%, respectively, giving the S&P 500 and Nasdaq their biggest boosts. For the week, the Dow rose 2.7%, its biggest weekly percentage gain since March. The S&P 500 gained 1.2%, its best week since mid-April, while the Nasdaq shed 1.5%.
A raft of upbeat earnings also helped stocks, and S&P 500 earnings are now estimated to have increased 50.4% in the first quarter from a year ago, which would be the highest growth rate since the first quarter of 2010, according to Refinitiv data. Expedia Group Inc EXPE.O shares rose 5.2% as analysts raised price targets following the company’s upbeat results.
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