The S&P 500 Index ($SPX) (SPY) Friday closed up +1.11%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.80%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.28%.
Stock indexes on Friday posted moderate gains. Stocks rallied Friday on optimism that strength in the US economy will continue to fuel consumer spending and corporate profits. Stocks rose even after Friday’s stronger-than-expected US payroll report increased the chances of higher interest rates for longer. An easing of wage pressures was also supportive for stocks after Friday’s payroll report showed that the average hourly earnings in March eased to +4.1% y/y, the smallest pace of increase in 2-3/4 years.
