The Dow Jones Industrial Average closed at 24,331.32 on Friday with a gain of 455.43 points or 1.91%. The S&P 500 closed at 2,929.80 for a gain of 48.61 points or 1.69%. The Nasdaq Composite closed at 9,121.32 for a gain of 141.66 points or 1.58%. The VIX Volatility Index was lower at 27.98 for a loss of 3.46 points or -11.01%.
For the week, the Nasdaq gained 6%, the S&P 500 gained 3.4% and the Dow Jones gained 2.5%. For the year, the Nasdaq has a gain of 1.66%, the S&P 500 is down 9.32% and the Dow Jones is down 16.34%.
Friday’s market movers
U.S. indexes closed higher Friday and for the week. The April Employment Situation report showed a decrease of 20.5 million payrolls and the unemployment rate increased to a record high 14.7%. However, investors were optimistic on reopening plans across the country in May. Over 20 states have begun partial reopenings. Reports also said the U.S. and China held trade talks among representatives to discuss international tensions and progress toward phase one of the trade deal.
On the earnings calendar:
- Noble Energy (NBL, Financial) gained 10.84% after earnings of 18 cents beat by 15 cents.
- Icahn Enterprises (IEP, Financial): Reported revenue of $1.86 billion, decreasing 19.1% year over year and missing estimates by $320 million. A first-quarter GAAP loss of -$6.34 per share missed estimates by $5.55.
Economic reports affecting market trading included the following:
- Non-farm payrolls decreased by 20.5 million in April, better than the estimate of -21.78 million.
- The unemployment rate increased to 14.7%, slightly better than the estimate of 15.5%.
- Private payrolls decreased by 19.52 million.
- Average hourly earnings increased 4.7% following an increase of 0.5%. Year over year, average hourly earnings increased by 7.9% following an increase of 3.3%.
- Average weekly hours were basically unchanged at 34.2.
- Government payrolls decreased by 980,000.
- The participation rate decreased to 60.2% from 62.7%.
- Manufacturing payrolls decreased by 1.33 million.
- The Baker Hughes North American oil rig count decreased to 400 from 435.
- Wholesale inventories decreased 0.8% in March.
In the S&P 500, energy and industrials led gains. In the Dow Jones Industrial Average, the following stocks led gains for the day:
- Dow Inc. (DOW, Financial) 4.51%
- Caterpillar (CAT, Financial) 4.49%
- Exxon (XOM, Financial) 4.39%
- Cisco (CSCO, Financial) 3.99%
- Boeing (BA, Financial) 3.72%
- Disney (DIS, Financial) 3.48%
- Coca-Cola (KO, Financial) 3.39%
- Procter & Gamble (PG, Financial) 3.37%
- American Express (AXP, Financial) 3.19%
- Chevron (CVX, Financial) 3.05%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,329.64 for a gain of 46.71 points or 3.64%. The S&P 600 closed at 770.87 for a gain of 30.41 points or 4.11%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,125.50 for a gain of 288.84 points or 3.27%. The Dow Jones U.S. Small-Cap Value Index closed at 6,525.67 for a gain of 300.89 points or 4.83%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,676.18 for a gain of 56.10 points or 3.46%; the S&P 100 at 1,345.19 for a gain of 19.75 points or 1.49%; the Nasdaq 100 at 9,220.35 for a gain of 118.48 points or 1.30%; the Russell 3000 at 1,700.52 for a gain of 31.44 points or 1.88%; the Russell 1000 at 1,616.10 for a gain of 28.21 points or 1.78%; the Wilshire 5000 at 29,718.22 for a gain of 548.12 points or 1.88%; and the Dow Jones U.S. Select Dividend Index at 567.24 for a gain of 18.45 points or 3.36%.
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