US Stocks Hit Records on Strong Jobs Report

U.S. stocks closed at record highs Friday after a government report showed employers added 115,000 more jobs than they cut last month, far exceeding economists' expectations despite ongoing tensions from the war with Iran.

The S&P 500 rose 61.82 points, or 0.8 percent, to 7,398.93, marking its sixth straight winning week, the longest streak since 2024. The Nasdaq composite surged 440.88 points, or 1.7 percent, to 26,247.08, also an all-time high. The Dow Jones Industrial Average edged up just 12.19 points, or less than 0.1 percent, to 49,609.16.

The April jobs data indicated hiring slowed from March but remained nearly double forecasts of 55,000 to 65,000 jobs. Unemployment held steady at 4.3 percent. The report bolstered views of a soft landing for the economy, where growth cools enough to curb inflation without triggering a recession.

Markets climbed even as U.S. forces disabled two Iranian oil tankers in the Strait of Hormuz after an exchange of fire with Iranian forces overnight. The incident fueled doubts about a month-old ceasefire that U.S. officials maintain remains in place. Brent crude settled 1.2 percent higher at $101.29 per barrel, below wartime peaks above $119 but...