CNBC Business News Update Market Midday: Stocks Rally, Unemployment Rate Holds Steady At 4.2%, Mortgage Rates Go Up 5/2/25
May 2, 2025
A positive jobs report sparks a major rally on Wall Street, leading to the best performance for the S&P 500 since 2020. Notable gains are seen in the Dow Jones and NVIDIA shares, with a look into job growth across sectors like healthcare and travel. The discussion delves into key economic indicators, revisions in job numbers, and Exxon Mobil's stock amidst market uncertainties. Rising mortgage rates also make headlines, along with a teaser for the upcoming Berkshire Hathaway investor meeting.
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Strong Stock Rally on Jobs Data
- Wall Street rallied following a better-than-expected April jobs report with strong gains in major indexes.
- The S&P 500 approached nine straight gains, its best rally since 2020.
Mixed Job Growth Trends
- The U.S. added 177,000 jobs in April, better than expectations, but some sectors showed declines.
- Manufacturing and retail jobs fell, while healthcare and transportation jobs saw gains, raising questions on sustainability.
Steady Unemployment Rate
- The unemployment rate remained steady at 4.2% in April despite the job gains.
- March job numbers were revised down by more than 40,000, tempering the optimism.