Stock Market Today: Apple Earnings, Bank Stocks Spark Relief Rally
The April jobs report creates uncertainty around the Fed's future policy plans, but it didn't stop the major indexes from soaring Friday.


Stocks rallied hard Friday despite a stronger-than-expected jobs report.
A significant driver behind today's broad market gains was an impressive earnings report from mega-cap tech giant Apple (AAPL), while a rebound in regional bank stocks also lifted sentiment.
Ahead of the opening bell, the Bureau of Labor Statistics said the U.S. added 253,000 jobs in April, blowing past estimates for an increase of 185,000. The unemployment rate ticked down to 3.4% from 3.5%, while wage growth was up 0.5% month-over-month and 4.4% year-over-year.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Many of Wall Street's top minds were quick to chime in on the April jobs report, including Matt Peron, director of research at Janus Henderson Investors. "The jobs report was uncomfortably strong for policymakers who are trying to tame inflation," Peron says. "The best you can say from today's report is that job growth is slowing when looking at the average over the past few months. However, wages were stubbornly high and that's a key aspect of the report for the Fed and markets."
So, while today's data does help ease recession worries, it creates uncertainty as to how long the Fed will keep interest rates elevated in its efforts to rein in inflation. Nevertheless, the Dow Jones Industrial Average jumped 1.7% to 33,674, the S&P 500 soared 1.9% to 4,136, and the Nasdaq Composite added 2.3% to 12,235. The reason: Apple stock.
Apple earnings
Shares of the blue chip stock jumped 4.7% on Friday after the company reported better-than-expected fiscal Q2 earnings and revenue thanks to record quarterly sales for both its iPhone and services segments. Apple also hiked its dividend by 4% and said it is boosting stock buybacks by an additional $90 billion.
Apple wasn't the only stock making an outsized move today. After being walloped all week long, several regional bank stocks staged massive relief rallies. PacWest Bancorp (PACW) soared 81.7%, Western Alliance (WAL) surged 49.2% and Zions Bancorp (ZION) climbed 19.2%.
Today's jobs data and AI stocks
There were some key figures in today's jobs report that caught the eye of Andrew Crapuchettes, CEO of RedBalloon. "The number of people employed over the past year is up 3 million, or 1.9%, and wages are up 4.4%," Crapuchettes wrote in a blog post. "Total unemployed since last year is down 311,000, or 5.2%." And this, the executive adds, is "likely why we see such a sudden rise in AI. There aren't enough people to get the job done, and AI is one avenue businesses are exploring to fill in the gaps."
Plenty of firms are already employing artificial intelligence. A study by IBM found that in 2022, 35% of companies were using AI in their businesses, with another 42% reportedly exploring AI. These figures will likely continue to increase as AI gains in popularity, and will boost the artificial intelligence market in the process. Indeed, the global AI market is projected to grow at an annual rate of 37.3% through 2023, according to Grand View Research.
Investors wanting to capitalize on this rapid growth have plenty of opportunities at their disposal. But when looking for the best stocks to buy, it's important to focus on high-quality names like those included in Kiplinger's list of the best AI stocks.
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
I'm 65, with $1.2 million saved and a paid-off $1.3 million rental property. Should I sell, or keep it for income?
Should I be a landlord in retirement?
-
Do You Really Need That Wine Cellar?
Home Features Wine cellars are a popular feature in high-end houses. Will installing one in your home increase its value, or would you be better off with a cheaper solution?
-
My Three-Day Rule for Investing: And If it Applies Now
Stock Market I've seen a lot in my career. Here's what I see now in the stock market.
-
Is It Time to Invest in Europe?
Stock Market Europe is being shaken out of its lethargy, militarily and otherwise, by Donald Trump's changes in U.S. policy. Should investors start buying?
-
Stock Market Today: Dow Gains 1,160 Points on U.S.-China Trade Deal
The two countries agreed to a 90-day truce that will give them time to work on more substantive trade negotiations.
-
Stock Market Today: S&P 500 Nabs Longest Win Streak Since 2004
The stock market's rebound from its mid-April tariff-induced lows has been nothing short of impressive.
-
Stock Market Today: Dow Drops 971 Points as Powell Pressure Ramps Up
President Trump is increasing his attacks against Jerome Powell, insisting the Fed chair cut interest rates.
-
Wall Street Is Worried About Apple Stock. Should You Be, Too?
Analysts expect Trump's sweeping tariffs to have an outsized impact on Apple stock. How concerned should investors be?
-
The Stock Market Is Selling Off. Here's What Investors Should Do
Investors started fleeing the equities market en masse in response to the Trump administration's "jaw-dropping" tariffs. But the experts say don't panic.
-
Should You Sell Tesla Stock as Elon Unrest Grows?
Tesla's CEO is wearing many hats and is managing them "with great difficulty."