U.S. equities rose on Friday following a better-than-expected April’s jobs report and as traders eyed developments between the U.S. and Iran.
The Dow Jones Industrials index came down from their highs of the day, but still finished 12.07 points ahead of breakeven to 49,609.04.
The S&P 500 acquired 61.76 points to 7,398.87.
The NASDAQ popped 440.88 points, or 1.7%, to 26,247.06.
All three major averages are on track to finish the week higher as earnings continue to come in strong. Upbeat tech earnings have put the NASDAQ on pace to climb 3% on the week.
The S&P 500 is on track for a rise of about 2%, heading for its sixth consecutive winning week, while the Dow Jones has lagged with a week-to-date gain of 0.7%.
The broader market’s rise on Friday was supported by a rise in chip stocks such as Micron Technology and Qualcomm. Micron shares were up 10%, while Qualcomm popped 9%, positioning the stock for a fourth consecutive day of gains.
Sentiment was also bolstered by the Bureau of Labor Statistics reporting that nonfarm payrolls rose by 115,000 last month, more than the 55,000 that economists polled by Dow Jones were expecting. The U.S. jobless rate also held steady at 4.3%, in line with expectations.
Additionally, oil prices were marginally lower, with West Texas Intermediate crude futures dipping nearly 1% to around $94 per barrel, even after the U.S. and Iran exchanged fire in the Strait of Hormuz. Each side claimed the other struck first.
U.S. Central Command said that military forces “intercepted unprovoked Iranian attacks and responded with self-defense strikes” as a trio of U.S. Navy destroyers transited the waterway.
In a Truth Social post Thursday night, President Donald Trump said there was “no damage done to the three Destroyers, but great damage done to the Iranian attackers.” He also reportedly said that the ceasefire is still in effect, saying the strikes against Iranian targets were “just a love tap.”
Investors have been awaiting a response from Iran on the proposal to end the conflict in the Middle East after Iranian state media reported Thursday that Iran was reviewing messages from the U.S. that were received through Pakistani mediators but had not yet reached a conclusion. Secretary of State Marco Rubio told reporters Friday that the U.S. “should know something today.”
Prices for the 10-year Treasury jumped, lowering yields to 4.37% from Thursday’s 4.39%. Treasury prices and yields move in opposite directions.
Oil prices gained nine cents to $94.93 U.S. a barrel.
Gold prices strengthened $23.60 to $4,734.50 U.S. an ounce.
