Stocks Rally Despite Strong Jobs Report; Oil Prices Stay High on Middle East Tensions
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Stocks finished higher on Friday despite a strong jobs report that initially rattled investors. The Dow rose 300 points, the S&P 500 gained 1.1%, and the Nasdaq increased 1.2%.
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Oil prices held near multi-month highs, building on big gains from escalating Israel-Iran tensions. Brent crude hovered below $91 a barrel.
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An influx of immigrant workers likely boosted March job gains, which Goldman Sachs estimates reached 240,000. Immigration could have contributed 50,000-290,000 jobs.
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Trump Media, parent of Truth Social, sank 13% on Friday after revealing $58 million in losses in 2023 and facing “greater risks” due to Trump ties.
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Tesla shares fell over 3% on reports it scrapped plans for a more affordable $25,000 electric vehicle, failing to deliver mainstream, low-cost EVs.