Stocks rebounded on Friday after news that the U.S. economy added 303,000 jobs in March, and the unemployment rate fell to 3.8%. The latest jobs report exceeded expectations for a gain of 205,000 jobs, showing continued strength in the economy.
All three major stock market indexes were recovering after a selloff earlier this week. The Dow Jones Industrial Average had gained 354 points, or about 0.9%, to trade at 38,951 near midday. The S&P 500 was up 1.2% and the tech-heavy Nasdaq rose 1.4%
Treasury bond yields also rose after the fresh job data. The yield on the 10-year Treasury note went up about nine basis points to about 4.39%.
Oil prices continue to rise
Oil prices continued to go up as Israel’s war against Hamas in the Gaza Strip neared the six-month mark. Israel closed 28 embassies around the world on Friday amid ongoing tensions with Iran.
Oil prices rose 39 cents to $86.98 per barrel for West Texas Intermediate contracts for May delivery, and 55 cents to $91.20 per barrel for Brent contracts for June delivery. The U.S. crude price has increased 4.5% over the last week, while the global benchmark has increased by 4.2%.
Krispy Kreme gets a sugar rush
Krispy Kreme stock jumped almost 10% when markets opened Friday, after Piper Sandler gave the doughnut maker two thumbs up for its new partnership with McDonald’s.
The two companies announced last week that they will join forces to offer Krispy Kreme doughnuts at McDonald’s locations across the U.S. starting later this year, with the goal of getting the doughnuts at most of the fast food chain’s 13,500 U.S. locations by the end of 2026.
Krispy Kreme stock had given back some of the early gains shortly after markets opened to trade up 5%.
Johnson & Johnson dips after another acquisition
Johnson & Johnson said Friday that it has reached a deal to acquire heart device maker Shockwave Medical for about $13.1 billion. The acquisition expands the healthcare giant’s portfolio of medical devices used to treat heart diseases.
Johnson & Johnson stock slid about 0.3% near midday.
Nvidia keeps rising
AI chipmaker Nvidia is planning a $200 million AI center with Indonesian telecom giant Indosat Ooredoo Hutchison as it expands into Southeast Asia.
Nvidia stock was up almost 3% near midday.
–Rocio Fabbro contributed to this article.