Stocks jumped Friday, snapping a four-day losing streak as investors cheered a strong jobs report that suggested that the labor market remains strong overall despite some cooling.
The Dow saw its best one-day gain since early January, and surged above 600 points at its highs. Still, both the Dow and S&P 500 fell for the week, and the Nasdaq Composite eked out a small gain.
The labor market heated back up last month as employers added a more-than-expected 253,000 jobs, according to fresh data from the Bureau of Labor Statistics.
The jobs report led investors to believe that “to some degree, the Fed is basically done in terms of tightening policy for the cycle,” said Amanda Agati, chief investment officer for PNC Financial Services Asset Management Group.
Shares of regional banks rose after steep sell-offs earlier this week, fueled by banking turmoil after First Republic’s collapse and subsequent sale to JPMorgan Chase. Shares of PacWest Bank rose roughly 82%, Comerica gained 16.7%, Western Alliance added about 49% and New York Community Bank marched up 7.8%.
Apple shares rose 4.7% after the iPhone maker announced share buybacks on Thursday, also helping lift the broader equity market.
Shares of Lyft tumbled 19.3% after the firm on Thursday forecasted weaker-than-expected revenue for the current quarter.
The Dow rose 547 points, or 1.7%.
The S&P 500 gained 1.9%.
The Nasdaq Composite swelled 2.3%.
As stocks settle after the trading day, levels might still change slightly-@cnn
