NEW YORK, May 3 - Wall Street rallied on Friday as a softer-than-expected employment report appeared to support the case for Federal Reserve policy easing while also providing evidence of U.S. economic resiliency.
The CBOE Volatility index , opens new tab, often called the"fear index," touched its lowest level in over a month. The report prompted investors to raise bets that the Fed would implement its first rate reduction in September. Apple surged 7.2%, after the iPhone maker unveiled a record $110 billion share buyback program and beat quarterly expectations.
At 2:08PM ET, the Dow Jones Industrial Average , opens new tab rose 483.09 points, or 1.26%, to 38,708.75, the S&P 500 , opens new tab gained 68.07 points, or 1.34%, to 5,132.27 and the Nasdaq Composite , opens new tab added 329.53 points, or 2.08%, to 16,170.49.
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