Markets Hike on Solid Jobs Report

Stocks rose on Friday as Wall Street digested a better-than-expected non-farm payrolls report for April, which eased recession fears and lifted the S&P 500 for its longest winning streak in just over two decades.The Dow Jones Industrials popped 564.47 points, or 1.4%, to 41,317.43.The much broader index rose 82.53 points, or 1.5%, to 5,686.67, for its longest winning streak since November 2004.The NASDAQ Composite soared 266.99 points, or 1.5%, to 17,977.73. With Friday’s gains, the S&P 500 has now recovered its losses since April 2, when President Donald Trump announced his “reciprocal” tariffs. This comes a day after the tech-heavy NASDAQ accomplished the same feat.The Dow is on track for a 2.5% advance, while the NASDAQ is up 2.7% week to date.The Street was also mulling over earnings reports from two “Magnificent Seven” members. Apple slid 3.7% after posting fiscal second-quarter revenue from its services division that fell short against analyst estimates. Additionally, the iPhone maker said it expects to add $900 million in costs in the current quarter due to tariffs. Amazon shares, meanwhile, were marginally lower after the company issued light guidance, highlighting “tariffs and trade policies” as factors.Payrolls grew by 177,000 in April, above the 133,000 that economists polled by Dow Jones had anticipated. That figure is still down sharply from the 228,000 added in March but much better than feared after recession worries grew last month. The unemployment rate stood at 4.2%, in line with expectations.Investors were already upbeat prior to the strong jobs report after China said that it is evaluating the possibility of starting trade negotiations with the U.S. Still, Chinese authorities reaffirmed their belief that the U.S. should remove all unilateral tariffs, saying in a statement that “if the U.S. wants to talk, it should show its sincerity and be prepared to correct its wrong practices and cancel the unilateral tariffs.”Prices for the 10-year Treasury fell sharply, raising yields to 4.31% from Thursday’s 4.21%. Treasury prices and yields move in opposite directionsOil prices sagged 68 cents to $58.56 U.S. a barrel. Prices for gold jumped $18.00 to $3,240.20 U.S.