Stock market today: Amazon's surge leads a rally on Wall Street
Amazon is leading a rally for U.S. stock indexes, while a surprisingly weak jobs report marred by some unusual occurrences is cementing bets on Wall Street for another cut to interest rates next week
NEW YORK — NEW YORK (AP) — Amazon is leading a rally for U.S. stock indexes on Friday, while a surprisingly weak jobs report marred by some unusual occurrences is cementing bets on Wall Street for another cut to interest rates next week.
The S&P 500 was 1.1% higher in midday trading and recovering more than half its loss from the day before, which was its worst in eight weeks. The Dow Jones Industrial Average was up 558 points, or 1.3%, as of 11:30 a.m. Eastern time, and the Nasdaq composite was 1.5% higher.
Amazon climbed 7.2% after delivering a stronger profit for the latest quarter than analysts expected and was the strongest force pushing the S&P 500 higher.
Intel, meanwhile, rallied 8.4% despite reporting a worse loss than expected. Its revenue topped analysts’ estimates, and it gave a forecast for results in the current quarter that likewise topped expectations. Cardinal Health was another one of the market's bigger gains and jumped 7.3% after topping analysts' forecasts for profit and revenue in the latest quarter. It also raised its profit forecast for its fiscal year, which is only in its second quarter.
They helped offset a 1.2% slide for Apple, which said it expects revenue growth in the important holiday quarter to be in the low to mid-single digit percentages. That was below several analysts’ forecasts.
In the bond market, Treasury yields were mixed after a highly anticipated report said U.S. employers added only a net 12,000 workers to their payrolls last month. That was far short of the 115,000 in hiring
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