NEW YORK (Reuters) - Apple and other technology stocks led a rally on Wall Street on Friday after weaker-than-expected U.S. wage growth data eased concerns about faster interest-rate hikes.
Apple shares were last up 3.9 percent. The company’s stock is on track for its greatest weekly percentage gain since October 2011.
The S&P 500 technology sector .SPLRCT was up 1.9 percent, the biggest gainer on the index.
The Dow Jones Industrial Average .DJI rose 355.42 points, or 1.49 percent, to 24,285.57, the S&P 500 .SPX gained 36.16 points, or 1.38 percent, to 2,665.89 and the Nasdaq Composite .IXIC added 125.21 points, or 1.77 percent, to 7,213.36.
At the market open, U.S. stocks had moved lower upon the release of employment data. The S&P 500 bounced off its 200-day moving average, a technical level that indicates the long-term trend.
The Labor Department reported the U.S. unemployment rate dropped to near a 17-1/2-year low of 3.9 percent.
But U.S. stocks climbed as the session progressed. Investors said that the low unemployment figure, which on its own might point to inflationary pressure on wages, offset the mere 0.1-percent rise in wages for April, below expectations.
“The report might have taken some time to digest,” said Shawn Cruz, manager of trader strategy at TD Ameritrade in Chicago. “The focus moved to the lack of wage inflation versus