“Stocks traded mostly higher on Friday following the release of better-than-expected employment data and renewed optimism on trade, but sharp losses in Apple capped gains,” Fred Imbert reports for CNBC. “The Dow Jones Industrial Average rose 153 points, with Chevron and Caterpillar outperforming. The S&P 500 gained 0.4 percent, led by the energy and consumer discretionary sectors. The Nasdaq Composite was flat, however, as Apple shares dropped more than 5 percent.”
“The U.S. economy added 250,000 jobs last month, according to data released by the Labor Department,” Imbert reports. “Economists polled by Refinitiv expected an addition of 190,000. Wages, meanwhile, rose 3.1 percent on an annualized basis in October for the first time since the recession.”
“In corporate news, Apple fell after the company’s iPhone shipments for last quarter missed estimates. The company also offered light guidance and announced major changes to its reporting structure,” Imbert reports. “These were enough to overshadow stronger-than-expected earnings and revenue.”
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MacDailyNews Take: Good news for the economy as a whole – full employment, rising wages – is excellent news for Apple, maker of coveted goods and services. A nice AAPL discount sale is icing on the cake!
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