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Stock Market Rebounds on Strong Jobs Report
Stocks rebounded on Friday following the release of a robust jobs report showing that the U.S. economy added 303,000 jobs in March, surpassing expectations for a gain of 205,000 jobs. This data also revealed a drop in the unemployment rate to 3.8%, indicating continued economic strength.
Market Performance
All three major stock market indexes experienced a recovery after a recent selloff earlier in the week. The Dow Jones Industrial Average surged by 354 points, representing a 0.9% increase, with midday trading settling at 38,951. Additionally, the S&P 500 rose by 1.2%, while the Nasdaq, known for its tech-heavy composition, saw a 1.4% increase.
Treasury Bond Yields
Following the positive job data, Treasury bond yields saw an upward trend. The 10-year Treasury note’s yield rose by around nine basis points to approximately 4.39%, reflecting market optimism in response to the economic figures.
Oil Prices Surge Amid Global Tensions
Oil prices continued their upward trajectory as geopolitical tensions persisted. Israel’s prolonged conflict with Hamas in the Gaza Strip, marked by the closure of 28 embassies worldwide, contributed to the surge in oil prices.
Price Movement
West Texas Intermediate contracts for May delivery saw a price increase of 39 cents to reach $86.98 per barrel. Similarly, Brent contracts for June delivery rose by 55 cents, reaching $91.20 per barrel. Over the past week, U.S. crude prices have climbed by 4.5%, while the global benchmark has risen by 4.2%.
Krispy Kreme Ascends on New Partnership
Krispy Kreme witnessed a nearly 10% jump in its stock value following a positive assessment from Piper Sandler regarding its new collaboration with McDonald’s.
Partnership Details
Krispy Kreme and McDonald’s announced a partnership to offer Krispy Kreme doughnuts at McDonald’s locations across the U.S. The endeavor aims to make the doughnuts available at most of McDonald’s 13,500 U.S. outlets by the conclusion of 2026. Despite a slight retreat in stock gains after the market opening, Krispy Kreme still maintained a 5% increase.
Johnson & Johnson Announces Acquisition
Healthcare giant Johnson & Johnson confirmed an agreement to acquire Shockwave Medical, a heart device manufacturer, for approximately $13.1 billion. This acquisition will bolster Johnson & Johnson’s range of medical devices tailored for heart disease treatment, though the company’s stock experienced a minor 0.3% decline during midday trading.
Nvidia Expands into Southeast Asia
AI chipmaker Nvidia revealed plans to establish a $200 million AI center in partnership with Indonesian telecom giant Indosat Ooredoo Hutchison, signaling the company’s expansion into Southeast Asia. Nvidia’s stock value surged by nearly 3% during midday trading amid this strategic move.
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