Stocks picked up momentum on Friday after Fed Chair Powell, in a speech, said the U.S. economy overall is in a “good place” even though it faces risks.
His comments follow the September jobs report, which showed the U.S. unemployment rate fell to a 50-year low.
Stocks rallied into the close, with the Dow Jones Industrial Average finishing on session highs, up 372 points or 1.4 percent. The S&P 500 and Nasdaq saw similar sized gains.
The U.S. economy added 136,000 jobs in September as the unemployment rate fell to 3.5 percent, its lowest since 1969, the Bureau of Labor Statistics said.
Tech and healthcare led broad gains for most of the S&P’s sectors with energy names rising the least. Apple shares rose after the Nikkei Asian Review reported the tech giant is ramping up iPhone production by 10 percent, or 8 million units, due to better than expected demand.
MacDailyNews Note: Shares of Apple rose $6.19 (+2.80%) today to it $227.01 for a market value of $1.017 trillion.