Wall St rebounds as Amazon gains offset weak jobs growth, Apple sales
Wall Street's main indexes jumped on Friday, recovering some losses from the previous session, as Amazon's strong earnings countered Apple's weaker China sales and investors assessed a significant drop in U.S. jobs growth in October.
Amazon.com (AMZN.O), opens new tab soared 6.5%, on track for its best day since February, as strong retail sales lifted its profit above Wall Street estimates.
Meanwhile, Apple (AAPL.O), opens new tab dropped 0.5% despite beating quarterly sales forecasts, as investors worried about a decline in China sales.
Equity markets broadly overlooked weak U.S. October nonfarm payrolls data, given disruptions from hurricanes and strikes. The data showed an increase of 12,000 jobs, much smaller than economists' estimate of a 113,000 rise.
However, the unemployment rate held steady at 4.1%, reassuring investors the labor market remained on a solid footing ahead of the U.S. presidential election.
The Dow Jones Industrial Average (.DJI), opens new tab rose 307.78 points, or 0.74%, to 42,071.24, the S&P 500 (.SPX), opens new tab added 43.64 points, or 0.76%, to 5,749.09, and the Nasdaq Composite (.IXIC), opens new tab gained 190.38 points, or 1.05%, to 18,285.53.
Source: Reuters
