US Stocks: A Look at the Market's Performance in May
The U.S. stock market has had a positive start in May, with the Dow Jones Industrial Average rising 450 points on Friday. This is a significant improvement from the market's performance in April, which saw the Dow fall by over 1,000 points. The market's upbeat start in May can be attributed to a number of factors, including the economic news and the stocks that performed well on Friday.
Economic News
The U.S. economy continues to show signs of strength, despite the ongoing coronavirus pandemic. The jobs report released on Friday showed that the U.S. economy added fewer jobs than expected, but the report also indicated that the economy is still growing. Investors were optimistic about the possibility of rate cuts this year, which could help to stimulate the economy.
Stock Performance
Apple (AAPL) and Amgen (AMGN) were two of the biggest gainers on the Dow Jones Industrial Average on Friday. Apple shares finished 6% higher after the company announced better-than-expected earnings and a $110 billion stock buyback program. Amgen, which was the biggest gainer on each of the three major indexes, surged nearly 12% after the biopharmaceutical giant posted quarterly earnings that came in ahead of expectations and provided a positive update about trials of its injectable weight-loss drug MariTide.
Conclusion
In summary, the U.S. stock market has had a positive start in May, with the Dow Jones Industrial Average rising 450 points on Friday. The market's upbeat start can be attributed to a number of factors, including the economic news and the stocks that performed well on Friday. Apple and Amgen were two of the biggest gainers on the Dow, and their positive performance can be attributed to their earnings reports and updates on their respective products. Overall, the U.S. stock market appears to be in a positive position heading into the second half of the year.