BUSINESS

New York stocks climb as payrolls beat expectations

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New York stocks climb as payrolls beat expectations

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US stocks advanced toward record closing levels in New York on Friday morning, supported by strong technology and semiconductor shares, better-than-expected April payrolls data, and an Iran ceasefire that remained intact despite overnight clashes near the Strait of Hormuz. The S&P 500 gained about 0.5% and the Nasdaq 100 rose 1% by 9:38 a.m., with the Philadelphia Semiconductor Index up 3.4% as Nvidia, Micron and Qualcomm rallied after solid earnings. West Texas Intermediate crude traded near $95 a barrel, little changed, as Washington anticipated an imminent Iranian response to its war-ending proposal. Shares of Block and Akamai also surged on improved outlooks.

Prepared by Christopher Adams and reviewed by editorial team.

Timeline of Events

Thursday US equities dip amid Iran tensions
Thursday Federal trade court rules Trump tariffs unlawful
Overnight Clashes reported near Strait of Hormuz
Today Iran ceasefire largely holds despite clashes
Today April payrolls show back-to-back employment gains
Today S&P 500 rises, led by technology
Today Semiconductor index jumps on earnings strength
Today Block and Akamai shares surge on outlooks

Why This Matters to You

Strong stock market performance can boost your 401(k) or other investments. Tech and semiconductor shares are leading the way. Check your portfolio - you might hold these stocks. This is also good news if you're job hunting. April's payroll data shows hiring is up.

The Bottom Line

US stocks are climbing, helped by tech shares and positive job data. Even global tensions aren't slowing things down. It's a good time to review your investments and job prospects. Worth forwarding if you know someone thinking about their financial future.