From Nasdaq: 2024-05-06 09:34:00

Wall Street closed higher on Friday, driven by tech stocks with expectations of a Fed rate cut. The Dow Jones rose 450.02 points, Nasdaq added 315.37 points, and S&P 500 advanced 63.59 points. Jobs report showed 175,000 increase in employment in April, with a 3.9% unemployment rate. An economic activity contraction was reported in the services sector for the first time in 15 months. Stocks like Meta Platforms, Inc. and NVIDIA Corporation rose. Weekly gains were seen for S&P 500, Dow Jones Industrial Average, and Nasdaq Composite. Fed Chair’s dovish statements boosted investor sentiment.

Institute for Supply Management reported service sector activity contracted at 49.4 in April from 51.4 in March. Zacks offers a $1 trial to access all their picks. Click the link to see more on Zacks Investment Research’s recommendations for investment.



Read more at Nasdaq: Stock Market News for May 6, 2024