Wall Street's main indexes rose steadily on Friday, as a stronger-than-expe...
- Wall Street’s main indexes rose steadily on Friday, as a stronger-than-expected job growth in April showed that the U.S. economy continues to expand.
However, average hourly earnings came in just shy of expectations, pointing to muted inflationary pressure. Federal Reserve Chair Jerome Powell’s comments on Wednesday that decline in inflation was likely due to transient factors dampened hopes of an interest rate cut this year, pushing the S&P 500 and the Nasdaq off their record highs.
Also helping gains was a largely positive earnings season. Of the nearly 400 S&P 500 companies that have reported so far, three-quarters have topped profit estimates, according to Refinitiv data. Amazon.com Inc rose 2.9%, after CNBC reported Warren Buffett’s Berkshire Hathaway Inc has bought shares of internet retailing giant for the first time, though he has not been the one doing the buying.
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