Wall Street rallies as US job growth beats expectations, S&P 500 eyes historic winning streak

Wall Street surged Friday after a stronger-than-expected US jobs report eased investor concerns about the economy, sending the S&P 500 toward its longest winning streak in two decades.
As of 1:10 pm Eastern, The S&P 500 rose 1.5% in afternoon trading, on pace for a ninth consecutive day of gains. The Dow Jones Industrial Average climbed 571 points, or 1.4%, while the Nasdaq composite advanced 1.6%.
The rally was broad-based, with around 90% of stocks in the S&P 500 moving higher and every sector in the green. Tech led the charge, with Microsoft up 2.7% and Nvidia gaining 2.2%. Apple, however, slipped 4.2% after warning it faces a $900 million tariff hit.
Financials also posted strong gains—JPMorgan Chase added 2.5%, and Visa climbed 1.5%.
The Labour Department reported that employers added 177,000 jobs in April—slower than March but above economists’ expectations. The data, however, doesn’t fully capture the impact of President Donald Trump’s steep new tariffs, which began hitting global trade in April, though most were delayed by three months.
“We’ve already seen how financial markets will react if the administration moves forward with their initial tariff plan,” said Chris Zaccarelli, CIO of Northlight Asset Management. “Unless they take a different tack in July when the 90-day pause expires, we will see market action similar to the first week of April.”
Back then, the S&P 500 fell 9.1% amid fears over Trump’s tariff escalation. Markets have since rebounded, buoyed by resilient corporate earnings and hopes of easing US-China trade tensions.
Still, the broader economic picture remains mixed. GDP contracted at a 0.3% annual rate in Q1, dragged down by import surges ahead of tariffs. Companies continue to slash forecasts amid growing uncertainty.
Crude oil prices below $60 per barrel pressured energy stocks. ExxonMobil fell 0.2% after posting its weakest Q1 profit in years, while Chevron ticked up 1.1% despite similarly weak earnings.
Meanwhile, fintech firm Block tumbled 20.7% after reporting a steep profit decline due to reduced discretionary spending.
In bonds, the yield on the 10-year Treasury rose to 4.32% from 4.22%, reflecting expectations that the Federal Reserve may still cut rates this year despite inflationary pressures from tariffs.
Markets are also watching China closely. Beijing acknowledged it’s evaluating US proposals to begin trade negotiations, a sign Trump’s 145% tariffs may be forcing a rethink in Beijing.