The unemployment rate fell to a 49-year low
All three stock market indexes managed big wins today, thanks to better-than-expected April jobs data. Specifically, the U.S. created 263,000 jobs last month, while the unemployment rate fell to a 49-year low of 3.6%. In addition, the Nasdaq got a boost from Amazon (AMZN), on news that Warren Buffett's Berkshire Hathaway is amassing a stake. Against this backdrop, the S&P and Nasdaq managed to claw their way to weekly gains, though the Dow wasn't so lucky.
Continue reading for more on today's market, including:
- Lyft stock was blasted by analysts ahead of earnings.
- History says this chip stock is a "buy."
- Plus, an "undervalued" biotech; one tech stock's worst week in years; and 2 stocks flying on earnings.
The Dow Jones Industrial Average (DJI - 26,504.74) tacked on 197 points, or 0.8%, in today's trading. A whopping 27 of the 30 Dow stocks finished higher, with Caterpillar (CAT) leading the pack after surging 2.9%. Cisco Systems (CSCO) finished flat, while Home Depot (HD) and UnitedHealth Group (UNH) were the lone decliners, giving up 0.2% apiece. The Dow was down 0.1% for the week.
The S&P 500 Index (SPX - 2,945.64) rose 28.1 points, or 1%. The Nasdaq Composite (IXIC - 8,164.00) ended 127.2 points, or 1.6%, higher. Both indexes added 0.2% for the week.
The Cboe Volatility Index (VIX - 12.87) was 1.5 points, or 10.8%, lower, with a 1.1% gain for the week.
5 Items on our Radar Today
- People are not having Paramount Pictures' reimagined Sonic the Hedgehog, whose new look was just unveiled in a trailer for a new film. Fans took to Twitter and Reddit with their criticisms of the Sega-created video game character. Director Jeff Fowler said in a message on Thursday that the feedback had been received, and that plans for a redesign are in the works. (CNBC)
- Thirty western allies met in Prague today, to agree to a list of 5G security guidelines. The set of proposals emphasized the limit of outside influences, especially Chinese telecom equipment manufacturers such as Huawei. (Reuters)
- This pharma stock is being called an "undervalued growth story" by analysts.
- An earnings miss had this tech stock eyeing its worst week in years.
- 2 stocks that won big after earnings.
Data courtesy of Trade-Alert
Weaker Dollar Lifts Gold
Oil inched higher today, as a strong jobs report bolstered demand expectations. June-dated crude futures tacked on 13 cents, or 0.2% to end at $61.94 per barrel. Black gold was down 2.2% for the week, however.
Gold futures pared yesterday's losses, as the dollar fell on better-than-expected jobs data. Gold for June delivery rose $9.30, or 0.7%, to land at $1,281.30 per ounce. The commodity ended the week 0.6% in the red.