Stock Market Reaches Record Highs After Positive April Jobs Report

Sharing with you the good news I’ve read earlier. Wow! I’m glad that there is a positive news about the stock market despite of the bad news about the war happening on the other side. More jobs have been employed and I’m seeing a good future in the US’ economy.

(NEW YORK) — A solid pickup in hiring last month helped push the stock market to record highs Friday. The gains were driven by energy, technology and industrial companies.

The Labor Department told investors what they had hoped to hear: employers added more workers last month after a sluggish beginning to the year.

Energy companies rose as the price of oil recovered from losses earlier in the week. Media companies like CBS and Charter Communications recovered from their losses earlier in the week. Technology companies rose, but IBM missed out after billionaire investor Warren Buffett said he sold a large part of his stake in the company.

After a quiet morning, stocks rose in the afternoon and the S&P 500 finished above the all-time high close it set March 1.

Scott Wren, senior global equity strategist at Wells Fargo’s Investment Institute, said stocks benefited from the combination of greater hiring and slower wage growth because if wages rise too quickly it will affect corporate profits.

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