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US stocks lifted by jobs data but Apple shares fall

US stocks lifted by jobs data but Apple shares fall

NEW YORK: Wall Street stocks opened higher Friday following strong US jobs data, but disappointment over Apple earnings limited the gains on the Nasdaq.

About 10 minutes into trading, the Dow Jones Industrial Average was up 0.7 percent to 25,561.72.

The broad-based S&P 500 gained 0.5 percent to 2,754.69, while the tech-rich Nasdaq Composite Index edged up 0.2 percent to 7,452.01, despite the hit to Apple shares.

US government data showed the world’s biggest economy added 250,000 jobs in October, well above analyst expectations. Unemployment held steady at 3.7 percent and wages rose a solid 3.1 percent above the year-ago level.

Investor sentiment was bolstered by optimism over a US-China trade deal after Bloomberg News reported that President Donald Trump had directed his staff to begin drafting a potential trade agreement.

The report, which was disputed by Bloomberg rival CNBC, follows a positive statement from Trump on Thursday about the state of negotiations with China after a phone call with the nation’s leader.

Some market watchers have been skeptical of Trump’s statements on trade, citing the US president’s determination to help Republicans hold Congress in midterm US elections Tuesday.

Apple slumped 4.9 percent as investors focused on lower-than-expected volume of iPhone sales, and expressed disappointment at the fourth-quarter sales outlook, which was lower than some analysts expected.

But the tech giant reported a 32 percent jump in quarterly earnings to $14.1 billion.

Copyright AFP (Agence France-Press), 2018

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Source: Brecorder

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