Stock Market Today: Stocks Soar on Apple Buyback News, Jobs Data
The main indexes rallied hard to end the week thanks to Apple's $110 billion stock repurchase plan and a big April payrolls miss.


Stocks jumped out of the gate Friday and never looked back. Sentiment got a major lift thanks to a positive reaction to Apple's (AAPL) quarterly earnings report and a bad-news-is-good-news jobs report.
The excitement got started late Thursday when Apple reported higher-than-expected earnings and revenue for its fiscal second quarter. The iPhone maker also unveiled a record $110 billion stock buyback program and its 12th straight annual dividend hike.
"We believe these results appear to change the narrative on the AAPL story, as China is holding up better than expected and there are a host of upcoming events and catalysts on the horizon that could improve investor sentiment and drive consensus estimates higher," says CFRA Research analyst Angelo Zino, who maintained a Buy rating on Apple after earnings.

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.
One of those events occurs next Tuesday, May 7, when Apple is expected to unveil new iPads for the first time in two years.
Amgen rallies after earnings, weight-loss drug news
Apple stock surged 6.0% after earnings, but it was far from the best Dow Jones stock today. Rather, that title went to Amgen (AMGN), which spiked 11.8% after its earnings report.
The drugmaker reported earnings of $3.96 per share on $7.45 billion in revenue, more than analysts expected. More notable was news Amgen is discontinuing the development of its weight-loss pill and instead preparing for a Phase III study of its obesity injectable, MariTide. Amgen executives said Phase II data for the weight-loss drug is encouraging and will be released later this year.
"While we appreciate there is still plenty of work ahead (full Phase II data, starting Phase III, etc.), the reality is AMGN probably has a 'monthly' drug on their hands and can be a $5 billion to $10 billion-plus player in the future," says Jefferies analyst Michael Yee (Buy). "This should drive a re-rating of the stock as it remains very under-owned across the Street."
Jobs report shows wage growth cools
On the economic front, investors were busy dissecting the April jobs report. Data from the Bureau of Labor Statistics showed the U.S. added 175,000 new jobs in April, the smallest increase in six months. The unemployment rate edged up to 3.9% from 3.8% and average hourly earnings – a measure of inflation – rose 3.9% year-over-year vs March's 4.1% increase.
"In an environment where the market is worried about inflation, a softer jobs report with (slightly) higher unemployment, lower-than-expected wage growth and job creation shows that inflation pressure from wages is easing," says Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
Following Federal Reserve Chair Jerome Powell's press conference this week where he indicated more rate hikes were unlikely, "the market is back to risk-on mode as long as the Fed maintains an easing bias," Zaccarelli adds.
Indeed, at the close, the Dow Jones Industrial Average was up 1.2% at 38,675, the S&P 500 was 1.3% higher at 5,127, and the Nasdaq Composite had gained 2.0% to 16,156.
Related content
- Kiplinger's Economic Calendar for This Week
- Philips CPAP Settlement: What to Know
- How the Biden Marijuana Shift Could Impact Taxes
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.
-
How Many IRS Commissioners Have We Gone Through This Year?
IRS Who were the former commissioners, and why did they resign? Find out how IRS turnover can impact your taxes.
By Kate Schubel
-
Trump Dials Back Most Tariffs but Targets China
The Kiplinger Letter Wall Street hopes that higher tariffs on most countries are on hold for good. But the trade war between the U.S. and China is heating up.
By Jim Patterson
-
First 100 Days: Trump's Impact on Your Finances
Here are some opportunities to consider regarding investing, interest rates and tax cuts as the financial landscape shifts under the new administration.
By Daniel Razvi, Esquire
-
What Would Happen if You Put Your Tax Refund in an IRA?
Not only could you get a tax break, but the compounding effect over 35 years could turn the average refund into nearly $14,000.
By Romi Savova
-
Children Can't Afford to Fly the Nest? Here's How to Help
The high cost of living means more adult children are staying at home. Here are four ways to help financially so they can eventually spread their wings.
By Kelli Kiemle, AIF®
-
How Much Will Car Prices Go Up With Tariffs?
Tariffs could drive car prices up even higher, for new and used cars, as well as for American brands.
By Jim Patterson
-
What Is the Buffett Indicator?
"It is better to be roughly right than precisely wrong," writes Carveth Read in "Logic: Deductive and Inductive." That's the premise of the Buffett Indicator.
By Charles Lewis Sizemore, CFA
-
Stock Market Today: Dow Drops 699 Points After Powell Speech
Fed Chair Powell warned of a slowing economy and higher inflation but said the central bank isn't ready to cut rates just yet.
By Karee Venema
-
I Have $20,000 to Invest. What Should I Do?
We asked a financial expert to weigh in on where to invest $20,000.
By Charles Lewis Sizemore, CFA
-
How to Protect Your Privacy While Using AI
How to keep your information and finances safe while using AI, including ChatGPT and Perplexity.
By Bob Haegele