Dow Jones Industrial Average

Wall Street rallies after strong jobs report

Traders look at a computer on the floor of the new york stock exchange
Photo by Drew Angerer/Getty Images

Stocks jumped on Friday following a stronger-than-expected employment report and dovish sentiment from Fed Chair Jay Powell.

  • The Dow Jones Industrial Average closed up 749 points, or 3.29%, while the S&P 500 and Nasdaq gained 3.43% and 3.38%, respectively.
  • As would be expected, bond yields also rose. The 2-year rose to 2.4% from 2.3% and the 10-year yield climbed to 2.6% from 2.5%, or 10 basis points each.

Apple leads stock market rout

Photo: Andrew Burton/Getty Images

Stocks got slammed on Thursday, with the Dow Jones Industrial Average finishing down 2.83%, or 662 points. The S&P 500 fell 2.48%, while the Nasdaq Composite lost 3.04%.

The bottom line: This was a severe hangover from the Apple's revenue warning tied to China's slowing economy, as well as Trump economic adviser Kevin Hassett saying that other U.S. companies will have China-related earnings trouble until the trade war is resolved. Apple's stock shed 9.96%, representing nearly $75 billion in lost value, while Apple suppliers and other companies with high China exposure (like Caterpillar, down 3.92%) also got hit hard.

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