US: Wall Street climbs as jobs data supports upbeat economic outlook

[NEW YORK] US stocks rose in a broad-based rally on Friday as stronger-than-expected job growth in April coupled with muted wage gains left investors upbeat about the outlook for the economy and interest rates.The Labor Department said employers added 263,000 jobs in April, which blew past expectations, and the unemployment rate dropped to 3.6 per cent, the lowest level since December 1969. Average hourly earnings came in just shy of expectations, indicating muted inflationary pressure.

The upbeat reports have turned around the S&P 500 earnings estimate for the first quarter to a rise of almost 1 per cent compared with the 2 per cent decline projected at the start of April. Network gear-maker Arista Networks Inc tumbled 10.4 per cent after it forecast weak current-quarter revenue, while Activision Blizzard Inc fell 4.8 per cent after the videogame maker forecast current-quarter profit below expectations as it puts more money into its franchises to battle competition.

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