[AP] Stocks rallied to more records on Wall Street Friday as a stunningly disappointing report on the nation’s job market signaled to investors that interest rates will likely stay low.The S&P 500 rose 0.7%, topping the previous all-time high set last month. The Dow Jones Industrial Average set a record high for the third straight day.
Technology companies accounted for a big share of the broad rally, which included solid gains by stocks in the energy, industrial, and consumer discretionary sectors. The gains helped the S&P 500 notch its eighth weekly gain in the last 10 weeks.
Voices up and down Wall Street acknowledged that Friday morning’s jobs report was a massive disappointment. It’s usually the market’s most anticipated economic data of each month, and it showed employers added just 266,000 jobs in April. That was far fewer than the 975,000 jobs that economists expected and a steep slowdown from March’s hiring pace of 770,000.
"It was a bit of a shock when that headline number hit, but you realize most of, if not all of it, is the result not necessarily of demand, but supply," said Peter Essele, head of portfolio management for Commonwealth Financial Network. "There seems to be a bit of a labor shortage at the moment."