US STOCKS-S&P 500, Dow end at record highs as weak jobs data eases rate worries [Reuters]
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Source: Reuters
By Krystal Hu 3 Min Read NEW YORK (Reuters) - The S&P 500 and the Dow hit record highs on Friday, while megacap growth stocks drove a recovery on Nasdaq after U.S. jobs data eased concerns over prospects for rising rates. U.S. job growth unexpectedly slowed in April, likely restrained by shortages of workers, the Labor Department report on Friday showed. The report alleviated some concerns about rising inflation and potentially higher U.S. interest rates, which some investors worry would hurt growth companies with high valuations. “Growth names that were taken to the woodshed are getting another chance, because they will be perceived to be less risky in an environment where there is a slower recovery, and that’s really what the jobs data is indicating”, said Tom Martin, senior portfolio manager at Globalt Investments. Heavily-weighted growth stocks such as Microsoft Corp, Apple Inc and Alphabet all rose, but all major S&P 500 sectors also ended in green, with energy and real estate l
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