US stocks surged on Friday, as upbeat earnings from Apple lifted spirits and a weaker-than-expected jobs report revived bets that the Federal Reserve could cut interest rates sooner than thought. The Dow Jones Industrial Average jumped 1.2%, or about 450 points, while the S&P 500 rose 1.3%. The tech-heavy Nasdaq Composite 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%.
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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