U.S. stocks rose on Friday after a better-than-expected April jobs report, while traders watched for developments between the U.S. and Iran.
The S&P 500 gained 0.84% to end at 7,398.93 points, while the Nasdaq Composite rose 1.71% to 26,247.08 points. Both indexes hit new all-time highs during trading and closed at record levels. The Dow Jones Industrial Average rose by 12.19 points, or 0.02%, and stopped at 49,609.16 points.
All three major indexes posted weekly gains, boosted by strong corporate earnings. Upbeat results from technology firms lifted the Nasdaq to a 4.5% gain, while the S&P 500 gained 2.3%. Both indices have posted six consecutive weeks of gains, the longest winning streak since 2024 for the broad market benchmark and the technology index. The Dow Industrials lagged behind with a weekly gain of 0.2%.
Market sentiment was further bolstered by the Bureau of Labor Statistics’ announcement that nonfarm payrolls rose by 115,000 last month, more than the 55,000 expected by economists polled by Dow Jones. The unemployment rate in the US remained stable at 4.3%, in line with expectations, reports SEEbiz.
Oil prices were slightly higher, however, with West Texas Intermediate crude futures up 0.64% at $95.42 a barrel after the US and Iran exchanged fire in the Strait of Hormuz. Both sides claimed that the other attacked first. US Central Command said military forces “intercepted unprovoked Iranian attacks and responded with strikes in self-defense” as three US Navy destroyers passed through the waterway.
In a post on Truth Social Thursday night, Donald Trump said that “the three destroyers were not damaged, but the Iranian attackers were heavily damaged.” He also stated that the truce was still in effect, stressing that the attacks on Iranian targets were “just a soft blow”.
The S&P 500 and Nasdaq Composite hit new record highs in the previous trading session as well before retreating after a senior Iranian official said the country would not allow the US to reopen the Strait of Hormuz passage with an “unrealistic plan”, Iranian state broadcaster Press TV reported. The official added that Iran will not allow the US to exit the conflict without paying reparations for the damage it has caused.
