Stock Market Today: Stocks Soar on Apple Buyback News, Jobs Data
The main indexes rallied hard to end the week thanks to Apple's $110 billion stock repurchase plan and a big April payrolls miss.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
Stocks jumped out of the gate Friday and never looked back. Sentiment got a major lift thanks to a positive reaction to Apple's (AAPL) quarterly earnings report and a bad-news-is-good-news jobs report.
The excitement got started late Thursday when Apple reported higher-than-expected earnings and revenue for its fiscal second quarter. The iPhone maker also unveiled a record $110 billion stock buyback program and its 12th straight annual dividend hike.
"We believe these results appear to change the narrative on the AAPL story, as China is holding up better than expected and there are a host of upcoming events and catalysts on the horizon that could improve investor sentiment and drive consensus estimates higher," says CFRA Research analyst Angelo Zino, who maintained a Buy rating on Apple after earnings.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
One of those events occurs next Tuesday, May 7, when Apple is expected to unveil new iPads for the first time in two years.
Amgen rallies after earnings, weight-loss drug news
Apple stock surged 6.0% after earnings, but it was far from the best Dow Jones stock today. Rather, that title went to Amgen (AMGN), which spiked 11.8% after its earnings report.
The drugmaker reported earnings of $3.96 per share on $7.45 billion in revenue, more than analysts expected. More notable was news Amgen is discontinuing the development of its weight-loss pill and instead preparing for a Phase III study of its obesity injectable, MariTide. Amgen executives said Phase II data for the weight-loss drug is encouraging and will be released later this year.
"While we appreciate there is still plenty of work ahead (full Phase II data, starting Phase III, etc.), the reality is AMGN probably has a 'monthly' drug on their hands and can be a $5 billion to $10 billion-plus player in the future," says Jefferies analyst Michael Yee (Buy). "This should drive a re-rating of the stock as it remains very under-owned across the Street."
Jobs report shows wage growth cools
On the economic front, investors were busy dissecting the April jobs report. Data from the Bureau of Labor Statistics showed the U.S. added 175,000 new jobs in April, the smallest increase in six months. The unemployment rate edged up to 3.9% from 3.8% and average hourly earnings – a measure of inflation – rose 3.9% year-over-year vs March's 4.1% increase.
"In an environment where the market is worried about inflation, a softer jobs report with (slightly) higher unemployment, lower-than-expected wage growth and job creation shows that inflation pressure from wages is easing," says Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
Following Federal Reserve Chair Jerome Powell's press conference this week where he indicated more rate hikes were unlikely, "the market is back to risk-on mode as long as the Fed maintains an easing bias," Zaccarelli adds.
Indeed, at the close, the Dow Jones Industrial Average was up 1.2% at 38,675, the S&P 500 was 1.3% higher at 5,127, and the Nasdaq Composite had gained 2.0% to 16,156.
Related content
- Kiplinger's Economic Calendar for This Week
- Philips CPAP Settlement: What to Know
- How the Biden Marijuana Shift Could Impact Taxes
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
The Cost of Leaving Your Money in a Low-Rate AccountWhy parking your cash in low-yield accounts could be costing you, and smarter alternatives that preserve liquidity while boosting returns.
-
I want to sell our beach house to retire now, but my wife wants to keep it.I want to sell the $610K vacation home and retire now, but my wife envisions a beach retirement in 8 years. We asked financial advisers to weigh in.
-
How to Add a Pet Trust to Your Estate PlanAdding a pet trust to your estate plan can ensure your pets are properly looked after when you're no longer able to care for them. This is how to go about it.
-
How to Add a Pet Trust to Your Estate Plan: Don't Leave Your Best Friend to ChanceAdding a pet trust to your estate plan can ensure your pets are properly looked after when you're no longer able to care for them. This is how to go about it.
-
Want to Avoid Leaving Chaos in Your Wake? Don't Leave Behind an Outdated Estate PlanAn outdated or incomplete estate plan could cause confusion for those handling your affairs at a difficult time. This guide highlights what to update and when.
-
I'm a Financial Adviser: This Is Why I Became an Advocate for Fee-Only Financial AdviceCan financial advisers who earn commissions on product sales give clients the best advice? For one professional, changing track was the clear choice.
-
Nasdaq Slides 1.4% on Big Tech Questions: Stock Market TodayPalantir Technologies proves at least one publicly traded company can spend a lot of money on AI and make a lot of money on AI.
-
I Met With 100-Plus Advisers to Develop This Road Map for Adopting AIFor financial advisers eager to embrace AI but unsure where to start, this road map will help you integrate the right tools and safeguards into your work.
-
The Referral Revolution: How to Grow Your Business With TrustYou can attract ideal clients by focusing on value and leveraging your current relationships to create a referral-based practice.
-
This Is How You Can Land a Job You'll Love"Work How You Are Wired" leads job seekers on a journey of self-discovery that could help them snag the job of their dreams.
-
Fed Vibes Lift Stocks, Dow Up 515 Points: Stock Market TodayIncoming economic data, including the January jobs report, has been delayed again by another federal government shutdown.