Stocks close higher on Fed cut-growing economy sweet spot

Saturday, 5 October 2019 03:21 WIB

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U.S. stocks roared higher Friday after jobs data confirmed the economy continues to grow, but kept hopes alive for an additional Federal Reserve interest-rate cut.

The Dow Jones Industrial Average gained about 371 points or 1.4% to 26,571.99, and the S&P 500 rose 41 points, 1.4%, to close at 2,951.91. The Nasdaq rose more than 110 points, also 1.4%, and closed at 7,982.47.

Investors also took heart in comments from Fed Chair Jerome Powell, who reiterated that the central bank is "examining strategies" to try to help it reach its goals.

Shares of Apple Corp jumped after a media report said the company was readying its suppliers for a 10% jump in iPhone 11 deliveries.

Source : MarketWatch


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