The S&P 500 and Nasdaq indices closed at record highs on Friday, driven by a surprisingly strong US jobs report despite concerns about inflation.
The US labour market added 115,000 jobs in April, far exceeding economists’ predictions of 65,000.
This performance underscored the resilience of the job market despite rising fuel prices linked to the Middle Eastern conflict and broader economic uncertainty.
The S&P 500 closed 0.8% up at 7,398.93 points, while the Nasdaq jumped 1.7% to 26,247.08 points. The Dow Jones Industrial Average edged up slightly to 49,609.16 points.
Rising fuel prices have dampened consumer confidence, reaching a new low, according to University of Michigan researchers.
Concerns over high inflation are making households less inclined to make large purchases, which could have an impact on consumer spending—a crucial driver of the US economy.
Chipmaker Intel surged 14% after reportedly striking a provisional agreement with Apple to manufacture chips, according to The Wall Street Journal.
Apple shares also gained 2%, amid speculation that the deal has been a year in the making.
