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Stock market today: Stocks surge as jobs report revives rate-cut bets, Apple jumps 6% [Yahoo! Finance Canada]
Last apple inc. earnings: 4/30 04:30 pm
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US:NASDAQ Investor Relations: investor.apple.com
jobs report revived bets that the Federal Reserve could cut interest rates sooner than thought. The Dow Jones Industrial Average ( ^DJI ) jumped 1.2%, or about 450 points, while the S&P 500 ( ^GSPC ) rose 1.3%. The tech-heavy Nasdaq Composite ( ^IXIC ) increased 2%. The April jobs report painted a picture of a cooling US labor market , as employers added 175,000 jobs and the unemployment rate unexpectedly jumped to 3.9%. Economists had expected an addition of 240,000 jobs. The report pushed up bets on a sooner-than-expected rate cut from the Fed. According to the CME FedWatch tool , traders see a roughly two-thirds chance of a rate cut in September. ADVERTISEMENT Read more: What the Fed rate decision means for bank accounts, CDs, loans, and credit cards Meanwhile, Apple was the star of the corporates Friday, as its quarterly profit beat expectations and it surprised investors with better revenue out of China than estimated in the face of reports of flagging iPhone sales.
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