Dow jumps 150 points after strong U.S. jobs report, wage increases, trade optimism, but Apple drags down the Nasdaq

“Stocks traded mostly higher on Friday following the release of better-than-expected employment data and renewed optimism on trade, but sharp losses in Apple capped gains,” Fred Imbert reports for CNBC. “The Dow Jones Industrial Average rose 153 points, with Chevron and Caterpillar outperforming. The S&P 500 gained 0.4 percent, led by the energy and consumer discretionary sectors. The Nasdaq Composite was flat, however, as Apple shares dropped more than 5 percent.”
“The U.S. economy added 250,000 jobs last month, according to data released by the Labor Department,” Imbert reports. “Economists polled by Refinitiv expected an addition of 190,000. Wages, meanwhile, rose 3.1 percent on an annualized basis in October for the first time since the recession.”
“In corporate news, Apple fell after the company’s iPhone shipments for last quarter missed estimates. The company also offered light guidance and announced major changes to its reporting structure,” Imbert reports. “These were enough to overshadow stronger-than-expected earnings and revenue.”
Read more in the full article here.
MacDailyNews Take: Good news for the economy as a whole – full employment, rising wages – is excellent news for Apple, maker of coveted goods and services. A nice AAPL discount sale is icing on the cake!
SEE ALSO:
Apple’s decision to stop reporting unit sales of iPhones, Macs, and iPads is a ‘defining moment’ – November 2, 2018
Apple to stop reporting iPhone, Mac, and iPad quarterly unit sales – November 1, 2018
Apple tumbles 7% after reporting record-breaking quarterly earnings – November 1, 2018
Apple beats Street with another record-breaking quarter – November 1, 2018