US stocks rose on Friday, with the S&P 500 posting its longest winning streak in 20 years. The Dow Jones Industrial Average climbed 564.47 points, or 1.39%, to end at 41,317.43. The S&P 500 advanced 1.47%, closing at 5,686.67, marking its ninth consecutive day of gains.
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The Nasdaq Composite gained 1.51%, settling at 17,977.73.
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The positive momentum follows a better-than-expected nonfarm payroll report for April, which showed an increase in jobs, surpassing economists’ expectations. The unemployment rate stood at 4.2%, in line with projections.
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Chris Zaccarelli, chief investment officer at Northlight Asset Management, said, “Markets breathed a sigh of relief this morning as the jobs data came in better than expected. While recession fears are still simmering, the buy-the-dip dynamic can continue – at least until the tariff pause runs out.”
Investors were also upbeat after China indicated a willingness to negotiate with the U.S. on trade issues. Chinese authorities have called for the U.S. to remove unilateral tariffs, emphasizing the need for sincere negotiations.
The trading day saw reactions to earnings reports from major companies. Apple shares slipped 3.7% after reporting earnings from its services division that fell short of analyst estimates. Amazon shares dipped 0.4% despite better-than-expected earnings and revenue, as the company offered soft guidance for the current period.
s&p 500 extends winning streak
All three major averages posted their second consecutive positive week. The S&P 500 added 2.9% during the week, the Dow advanced 3%, and the Nasdaq climbed 3.4%.
Jay Hatfield of Infrastructure Capital Advisors suggested that the recent sell-off driven by tariff worries might be over, predicting a potential summer rally. However, analysts remain cautious given the economic uncertainties. Crude oil futures declined more than 1% as OPEC+ is set to meet on Saturday to discuss June output levels.
Brent crude futures fell 1.58% to $61.15 a barrel, while U.S. crude futures decreased by 1.91% to $58.11 a barrel. Shares of Duolingo soared more than 18% after providing a better-than-expected revenue forecast. Apple shares fell 4% after its reported revenue fell just short of expectations, and Amazon shares saw a marginal decline as it issued cautious guidance.
A day before Berkshire Hathaway’s annual meeting, board member Chris Davis praised the conglomerate’s resilience and cultural emphasis on stewardship. According to The Wall Street Journal, China is reportedly exploring ways to address U.S. concerns about the role of Chinese ingredients in the fentanyl crisis, potentially paving the way for trade discussions between the two countries. In summary, stocks closed higher on Friday, capping off a winning week.
The strong jobs report and optimism around U.S.-China trade talks buoyed market sentiment, leading to significant gains across major indices and reflecting a positive outlook for the coming weeks.