U.S. Stocks Extended Their Multiday Climb
WSJ Minute Briefing
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ADP knows any big thing, any small thing, any trendy thing, even a trendy thing that everyone knows isn't a great idea, but management just wants us to give it a try for a bit can change the world of work. From HR to payroll, ADP designs forward-thinking solutions to take on the next anything. Here's your closing bell brief for Friday, May 2nd. I'm Danny Lewis for The Wall Street Journal. Stocks extended their multi-day climb, following better-than-expected jobs numbers and signs of a potential thaw between Washington and Beijing.
The Dow Jones Industrial Average gained almost 565 points to close at 41,317. The S&P 500 advanced 83 points, and the Nasdaq rose 267 points. The WSJ exclusively reported that Beijing is considering ways to address the Trump administration's gripes over China's role in the fentanyl trade, which could help start discussions to resolve a trade war.
For the week, the Dow rose 3%, the S&P advanced 2.9%, and the Nasdaq gained 3.4%. Today's jobs report, the first since tariff announcements roiled markets, showed the U.S. beat expectations for April by adding 177,000 jobs. Unemployment held steady at 4.2%.
But the trade war continues to cause nervousness. Shares of Apple fell 3.7% after the company said quarterly sales rose thanks to higher iPhone demand and its new lower-cost model, but it is expecting to add more than $900 million to its costs next quarter due to tariffs. Cash App and SquareParent Blocks shares sank 20.4%. It cut its guidance and posted a drop in its first quarter revenue, saying consumers are cutting back on non-essential spending.
And shares of video game maker Take-Two Interactive fell 6.7% after it delayed the release of Grand Theft Auto VI. The hotly anticipated game will now come out in May 2026 instead of this coming fall. We'll have a lot more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker, or listen and subscribe wherever you get your podcasts.
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