Wall St rises on upbeat jobs report
NEW YORK - U.S. stocks rose in a broad-based rally on Friday as stronger-than-expected job growth in April coupled with muted wage gains left investors upbeat about the outlook for the economy and interest rates.
“We continue to have stronger and stronger job growth, and it seems like there’s less and less inflation, which is really odd. You typically don’t see that, and basically what that signals to the market is that the Fed is on hold,” said Jamie Cox, managing partner of Harris Financial Group in Richmond, Virginia. “That could portend for better earnings in the future for companies.”
Newell Brand Inc shares jumped 13.5% after the maker of Rubbermaid and other consumer goods exceeded Wall Street expectations for quarterly adjusted profit as it benefited from cost savings and higher pricing.
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