Wall Street rises on upbeat jobs report

Credit: Reuters Studio
Published on May 3, 2019 - Duration: 01:05s

Wall Street rises on upbeat jobs report

U.S. stocks rose in a broad-based rally on Friday as strong job growth in April with muted wage gains left investors upbeat about the outlook for the economy and interest rates.

Fred Katayama reports.

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Wall Street rises on upbeat jobs report

Strong jobs growth fueled a broad rally on Wall Street Friday.

The Dow gained three-quarter percent.

The Nasdaq more than 1-and-a-half percent.

Driving investor sentiment: the Labor Department reported the U.S. economy added 263,000 jobs in April, and wage gains did not accelerate as expected.

Spartan Capital chief market economist, Peter Cardillo; SOUNDBITE: SPARTAN CAPITAL CHIEF MARKET ECONOMIST, PETER CARDILLO, (ENGLISH) SAYING: "Wages are still pretty much moving up in a very moderate way, and that's another good sign.

Basically, you know, means that the Fed can for the moment continue to stay on the sidelines." Amazon.com shares rose.

Warren Buffett's Berkshire Hathaway bought a stake in the online retailer.

Shares of the company behind Sharpie pens, Newell Brands, jumped after its quarterly adjusted profit beat Wall Street's estimates.

It said Toys 'R' Us' bankruptcy would no longer impact its business.

GM shares rose even though the automaker said it'll recall 368,000 medium and heavy-duty diesel trucks for fire risks.

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