Wall Street extended its gains to a ninth straight day, marking its longest winning streak since 2004 and reclaiming the ground it lost since President Donald Trump escalated his trade war in early April. The rally on Friday was spurred by a better-than-expected report on the job market and resurgent hope of a ratcheting down of the trade showdown with China. The S&P 500 climbed 1.5%. The Dow Jones Industrial Average added 1.4%, and the Nasdaq composite rose 1.5%. Treasury yields rose in the bond market after the government reported that employers added more jobs than forecast in April.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Stocks rallied in afternoon trading on Wall Street Friday following a stronger-than-expected report on the U.S. job market.
The S&P 500 gained 1.6%, putting the index on track for a ninth straight day of gains. That would mark the longest winning streak for the benchmark index in two decades.
The Dow Jones Industrial Average rose 582 points, or 1.4%, as of 2: 35 p.m. Eastern. The Nasdaq composite rose 1.8%.
The gains were broad. Roughly 90% of stocks and every sector in the S&P 500 advanced. Technology stocks were among the companies doing the heaviest lifting. Microsoft rose 2.6% and Nvidia rose 3%. Apple, however, fell 4% after the iPhone maker estimated that tariffs will cost it $900 million.
Banks and other financial companies also made solid gains. JPMorgan Chase rose 2.4% and Visa added 1.3%.
Employers added 177,000 jobs in April. That marks a slowdown in hiring from March, but it was solidly better than economists anticipated. However, the latest job figures don’t yet reflect the effects on the economy of President Donald Trump’s across-the-board tariffs against America’s trading partners. Many of the more severe tariffs that were supposed to go into effect in April were delayed by three months, with the notable exception of tariffs a