MARKETS
FEATURED COMMENTARY
Friday, May 3, 12:10PM EDT
Wall Street's main indexes advanced after a softer-than-expected jobs report revived hopes of the Federal Reserve cutting interest rates this year, while gains in Apple and Amgen on upbeat corporate updates added support. The Labor Department's Bureau of Statistics said, Nonfarm payrolls increased by 175,000 jobs in April. The Labor Department's employment report showed the unemployment rate rising to 3.9% from 3.8% in March amid rising labor supply. Average hourly earnings rose 0.2% after climbing 0.3% in March. Wages increased 3.9% in the 12 months through April. The Institute for Supply Management said that its non-manufacturing PMI fell to 49.4 in April, from 51.4 in March. The Dow Jones Industrial Average was up 1.12% at 38,654.94. The Standard & Poor's 500 Index rose 1.12% to 5,121.16. The Nasdaq was up 1.92% at 16,145.49.
