Stocks Rise on Strong Jobs Report, But Tesla and Tech Stocks Struggle amid Middle East Tensions and East Coast Earthquake
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Stocks rose on Friday following a strong March jobs report showing the economy added 303,000 jobs and the unemployment rate fell to 3.8%. The gains provided a reprieve from losses the prior day.
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Oil prices hovered near multimonth highs, building on big gains from escalating Israel-Iran tensions. This has raised worries about inflation and higher rates.
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Tesla shares fell over 3% on news it has scrapped plans for a more affordable EV model. The move is a major setback for bringing affordable EVs to mainstream buyers.
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An earthquake with a preliminary magnitude of 4.7 struck off the New Jersey coast, shaking areas from Philadelphia to Boston. Airports halted flights as officials assessed damage.
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PepsiCo and Nvidia were stocks in focus. PepsiCo was added to Jefferies' "Franchise Picks" list while Nvidia's underperformance sparked concerns about the broader tech sector.