FILE - A person looks at an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in Tokyo, on April 16, 2024. Asian shares were mostly higher on Monday, May 6, 2024 after Wall Street ended last week with the stock market’s best day in over two months in a rally backed by the cooler-than-expected U.S. employment data. FILE - A person looks at an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in Tokyo, on May 2, 2024.
The Dow Jones Industrial Average rose 1.2% to 38,675.68. The Nasdaq composite ended 2% higher and closed at 16,156.33, reflecting strong gains by technology sector stocks, which accounted for much of the rally. The modest increase in hiring last month suggests the Federal Reserve’s aggressive streak of rate hikes may be finally starting to take a bigger toll on the world’s largest economy. That may help reassure the Fed that inflation will ease further, which could move the central bank closer to lowering interest rates.
Amgen climbed 11.8% after the biotechnology company gave investors an encouraging update on a potential obesity drug. Live Nation Entertainment added 7.2% after the ticket seller and concert promoter beat analysts’ first-quarter revenue forecasts.
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