Wall Street stocks climbed on Friday after stronger-than-expected US jobs data eased concerns over the economy, even as investors continued to monitor tensions in the Middle East and uncertainty around the Iran conflict.The S&P 500 rose 0.7 per cent and moved closer to a fresh record high, while the Nasdaq Composite gained 1.2 per cent and headed toward its own all-time peak.The Dow Jones Industrial Average was also up 75 points, or 0.2 per cent, in early trading.US employers added 115,000 more jobs than they cut in April, nearly double economists’ expectations, although hiring slowed compared with March.The upbeat data helped keep the S&P 500 on track for a sixth straight week of gains, which would mark its longest winning streak since 2024.The stronger jobs report reassured investors about the resilience of the labour market despite inflationary pressures linked to rising oil prices and geopolitical uncertainty.Interactive Brokers analyst Steve Sosnick told news agency AFP that the data showed that “the vast majority of people who want a job are able to find some.”
Middle East tensions remain in focus
Investor sentiment, however, remained cautious as fighting around the Strait of Hormuz continued to fuel concerns about global energy supplies.The United Arab Emirates said it responded to another Iranian missile barrage, while the United States also exchanged fire with Iranian forces in the Strait of Hormuz despite a fragile month-old ceasefire.Oil prices remained elevated amid fears over disruptions in the key shipping route. Brent crude rose 0.6 per cent to $100.65 per barrel on Friday after surging from roughly $70 in late February to as high as $119 during the conflict.US secretary of state Marco Rubio said Washington was expecting Iran’s response to US proposals aimed at ending the conflict.
Tech and earnings drive gains
Strong corporate earnings also supported the rally on Wall Street.Energy drink maker Monster Beverage surged 13.2 per cent after posting better-than-expected quarterly profit and revenue, helped by strong international sales growth.Akamai Technologies jumped 18.2 per cent after announcing a $1.8 billion cloud infrastructure deal and reporting earnings that narrowly beat estimates.Meanwhile, AI cloud computing firm CoreWeave fell 8.9 per cent after its revenue outlook disappointed investors despite reporting sharply higher sales.
Global markets mixed
Markets in Europe and Asia largely ended lower. Germany’s DAX fell 0.8 per cent, while Hong Kong’s Hang Seng Index dropped 0.9 per cent.South Korea’s KOSPI was among the few gainers, edging up 0.1 per cent to another record high.In the bond market, the yield on the 10-year US Treasury note eased to 4.35 per cent from 4.41 per cent late Thursday, after a University of Michigan survey showed consumer sentiment remained weak amid concerns over high fuel prices and tariffs.
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