U.S. stocks open higher as investors cheer Apple earnings, assess stronger than expected jobs report

U.S. stock indexes opened higher on Friday, after four consecutive days of losses, as robust April jobs report tempered fears of an economic slowdown. The Dow Jones Industrial Average gained 376 points, or 1.1%, to 33,504, while the S&P 500 advanced 1.1% and the Nasdaq Composite rose 1%. Government data shows the U.S. created a stronger-than-expected 253,000 new jobs in April and the unemployment rate fell back to a multi-decade low, indicating the strength of the labor market despite growing economic uncertainty. Robust earnings from Apple Inc. also buoyed the market sentiment. The world's most valuable company on Thursday revealed surprise growth in its iPhone business in the first quarter of 2023, overcoming a shortfall in Mac revenue as the company promised investors billions more in dividends and stock repurchases. Regional banks rebounded with the Invesco KBW Regional Banking ETF jumped 4.3% Friday morning.

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