Wall St gains after soft jobs data allays rate jitters
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U.S. job growth slows in April
Apple jumps after announcing record share buyback
Expedia slides after trimming FY revenue growth forecast
Indexes up: Dow 1.26%, S&P 1.15%, Nasdaq 1.92%
Updated at 10:02 a.m. ET/1402 GMT
By Shristi Achar A and Shashwat Chauhan
May 3 (Reuters) -Wall Street's main indexes advanced on Friday after a softer-than-expected jobs report revived hopes of the Federal Reserve cutting interest rates this year, while gains in Apple and Amgen on upbeat corporate updates added support.
U.S. job growth slowed more than expected in April and the increase in annual wages fell below 4% for the first time in nearly three years, while the unemployment rate stood at 3.9% compared with expectations that it would remain steady at 3.8%.
"The data is soft across the board from the Fed's perspective, which is what really matters and an unemployment rate of 3.9% is not something disastrous," said Jason Pride, chief of investment strategy and research at Glenmede.
"This indicates an economy that is not declining dramatically, but it definitely indicates a looser labor market."
Traders added to bets that the Fed will deliver its first interest rate cut this year in September.
Yields across government bonds fell after the data, with the yield on the 10-year note US10YT=RR last at 4.5036%.
The CBOE Volatility index .VIX, also known as Wall Street's "fear gauge", touched its lowest level in a month.
The latest economic data follows the Fed's more dovish-than-expected interest rate guidance in its latest policy meeting, which caused U.S. stocks to rally on Thursday.
Separately on Friday, the U.S. services sector contracted in March, while a measure of prices paid by businesses for inputs jumped, a worrisome sign for the outlook on inflation.
Apple AAPL.O jumped 6%, outpacing other megacap stocks after the iPhone maker unveiled a record $110 billion share buyback program and beat modest expectations for quarterly results and forecast.
Amgen AMGN.O climbed 12.1% as the biotechnology firm said it was very encouraged after completing an interim analysis of its mid-stage study of experimental weight-loss drug MariTide and as it reported first-quarter earnings.
At 10:02 a.m. ET, the Dow Jones Industrial Average .DJI rose 481.28 points, or 1.26%, to 38,706.94, the S&P 500 .SPX gained 58.48 points, or 1.15%, to 5,122.30, and the Nasdaq Composite .IXIC gained 303.94 points, or 1.92%, to 16,144.89.
Nine of the 11 major S&P 500 sectors were trading higher, with information technology .SPLRCT and real estate .SPLRCR stocks among the top gainers.
Block SQ.N rose 5.4% after the Jack Dorsey-led payments fintech firm lifted its full-year adjusted core earnings forecast and revealed plans to add more bitcoins to its balance sheet.
Expedia EXPE.O fell 13% after the online travel agency cut its full-year revenue growth forecast as gross bookings were hit by a drag in its vacation rental platform.
Of the 397 companies in the S&P 500 that have reported earnings to date in the first quarter, 76.8% beat analysts' expectations, compared with the historical average of 67%, according to LSEG data.
Advancing issues outnumbered decliners for a 5.7-to-1 ratio on the NYSE and a 3.52-to-1 ratio on the Nasdaq.
The S&P 500 posted 17 new 52-week highs and one new low, while the Nasdaq recorded 86 new highs and 24 new lows.
Non-farm payroll Non-farm payroll https://tmsnrt.rs/3djkUWS
Reporting by Shristi Achar A and Shashwat Chauhan in Bengaluru, Additional reporting by Ankika Biswas; Editing by Shounak Dasgupta
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