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Stocks rallied in afternoon trading on Wall Street Friday following a stronger-than-expected report on the U.S. job market.
The S&P 500 gained 1.5%, putting the index on track for a ninth straight day of gains. That would mark the longest winning streak for the benchmark index in two decades.
The Dow Jones Industrial Average rose 571 points, or 1.4%, as of 1:10 p.m. Eastern. The Nasdaq composite rose 1.6%.
The gains were broad. Roughly 90% of stocks and every sector in the S&P 500 advanced. Technology stocks were among the companies doing the heaviest lifting. Microsoft rose 2.7% and Nvidia rose 2.2%. Apple, however, fell 4.2% after the iPhone maker estimated that tariffs will cost it $900 million.
Banks and other financial companies also made solid gains. JPMorgan Chase rose 2.5% and Visa jumped 1.5%.
Employers added 177,000 jobs in April. That marks a slowdown in hiring from March, but it was solidly better than economists anticipated. However, the latest job figures don’t yet reflect the effects on the economy of President Donald Trump’s across-the-board tariffs against America’s trading partners. Many of the more severe tariffs that were supposed to go into effect in April were delayed by three months, with the notable exception of tariffs against China.
