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Apple Rises on Recovering Wall Street After Quarterly Earnings

Apple Rises on Recovering Wall Street After Quarterly Earnings

Apple was one of the risers on the New York stock exchanges on Friday. The iPhone maker saw turnover fall again in the past quarter but performed better than experts had expected.

CEO Tim Cook spoke of a quarterly record for Apple smartphones. The profit of the American tech group was also higher than expected. As a result, the stock gained 3.9 percent.

Investors also reacted to the US government’s jobs report. It showed that the number of jobs in the world’s largest economy has increased by 253,000. That was better than expected. The situation in the labour market plays an essential role in the interest rate policy of the Federal Reserve. Strong job growth allows the Fed to raise interest rates further and slow down the economy in the fight against inflation.

The American stock market indicators rebounded after the loss a day earlier. Shortly after the start of trading, the Dow Jones index was 1.1 percent higher at 33,497 points. The broad S&P 500 also rose 1.1 percent to 4,104 points, and tech gauge Nasdaq gained 1.1 percent to 12,098 points. The three indicators are nevertheless heading for a significant weekly loss.

The regional US banks showed some recovery after the heavy price losses on Thursday. The US banking sector remains under scrutiny due to the collapse of three regional banks in the past two months. Western Alliance, which lost nearly 40 percent the day before, climbed 32 percent. But trading in PacWest was halted shortly after the market opened due to large price swings. On Thursday, the bank plummeted more than 50 percent in value after announcing that it was holding talks with investors and exploring all strategic options.

Coinbase gained 11.4 percent. The crypto exchange has significantly reduced its loss in the first quarter. The trading platform for cryptocurrencies such as bitcoin and ether had to deal with declining revenues in the previous period after several significant scandals in the industry. At the same time, the company cut costs significantly, with hundreds of employees losing their jobs.

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