US stocks rise to new records despite weak jobs report

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Bad economic news was once again greeted with cheers on Wall Street as two top indexes closed out the week in record territory.

Investors brushed off Friday's surprisingly weak jobs report, which showed far fewer jobs were added last month than expected.

The jobs report also showed that the unemployment rate ticked up and wages surged. The jump in worker paychecks may not seem like a bad thing, but it tends to set off alarm bells about inflation. And many economists are worried inflation is due to come roaring back because of all the stimulus from Washington.

To that end, Apple, Google owner Alphabet, Netflix and Tesla posted solid gains Friday, as did Microsoft and other top tech stocks. That sector did bounce back sharply in April, with 331,000 jobs added. But it remains in a deep hole since Covid-19 forced the economy to essentially shut down last March.

 

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