U.S. stocks rallied on Friday as Apple reported strong quarterly earnings while U.S. jobs data indicated a strong labor market. The Dow Jones Industrial Average rose 546.64 points, or 1.65%, to 33,674.38, its highest one-day percentage gain since January 6.
Other indices were also on the rise, with the S&P 500 gaining 75.03 points, or 1.85%, to 4,136.25, while the Nasdaq Composite Index surged 269.02 points, or 2.25%, to 12,235.41.
Apple’s well-received quarterly earnings report largely calmed investors’ fears over an impending recession, with the iPhone maker closing 4.7% higher on Friday to achieve their greatest daily percentage gain since November. Apple’s shares reached their highest levels in nine months.
The U.S. Labor Department’s job report showed that job growth accelerated in April, with wages also rising. These findings suggest that the labor market remains strong despite the Federal Reserve’s recent interest rate hikes.
Banking stocks at large rose on Friday, thereby recovering from the previous losses following the collapse of First Republic Bank earlier in the week. PacWest Bancorp led the rally by skyrocketing 81.7%, while Western Alliance Bancorp soared 49.2%. The KBW regional bank index advanced by 4.7%.