( Reuters) – Significant U.S. stock indexes got on Friday and logged strong gains for the week after information on historic job losses due to the coronavirus crisis revealed they were a little fewer than feared.
FILE PHOTO: The New York Stock Exchange (NYSE) is seen in the monetary district of lower Manhattan during the break out of the coronavirus illness (COVID-19) in New York City City, U.S., April 26,2020 REUTERS/Jeenah Moon
All 11 S&P 500 sectors were favorable, led by the beaten-up energy group.SPNY, which gained 4.3%.
A 2.4%gain in Apple ( AAPL.O) shares likewise raised the indexes after the iPhone maker stated it will resume a handful of U.S. shops beginning next week.
The U.S. economy lost 20.5 million tasks in April, the Labor Department reported. Financial experts polled by Reuters had anticipated payrolls diving by 22 million, however the decrease still marked the steepest plunge since the Great Depression.
” It’s tough to call the tasks report, which is what everybody was waiting on, anything but a complete disaster, but relative to expectations you can see some silver linings in there,” said Brian Nick, chief investment strategist at Nuveen, indicating the large number of short-term layoffs.
” Except for the initial panic in the month of March