Saturday's attack is the biggest on Saudi oil infrastructure since Saddam Hussein's invasion of Kuwait in 1990.Energyread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
"Blaming Iran won't end disaster. Accepting our April '15 proposal to end war & begin talks may," Zarif said on Twitter.Energyread more
Oil prices are expected to jump as much as $10 per barrel after a coordinated drone strike hit Saudi Arabia's largest oil field, forcing the kingdom to cut its oil output in...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
Stocks rose on Friday, rebounding from a two-day loss, as data showed U.S. job creation was stronger than expected in April.
The Dow Jones Industrial Average rose 197.16 points to 26,504.95, while rose nearly 1% to 2,945.64, posting its biggest gain since April 1. The Nasdaq Composite climbed 1.6% higher to hit a record high of 8,164. Shares of Amazon got a boost from an investment by Warren Buffett's Berkshire Hathaway.
The U.S. added a robust 263,000 new hires in April while the unemployment rate fell to 3.6%, the lowest since December 1969, according to a Labor Department report Friday. The nonfarm payroll growth far outpaced Wall Street expectations of 190,000 and a 3.8% jobless rate, according to Dow Jones estimates.
"It was definitely a strong number without a doubt," said Randy Frederick, vice president of trading and derivatives at the Schwab Center for Financial Research. "The average for the last three months has only been around 164,000, so it's way above that."
The market halted two straight days of losses driven by Federal Reserve Chairman Jerome Powell's comments Wednesday on low inflation pressures being "transitory." The comments lowered the odds of an insurance rate cut, which disappointed investors.
"Today's jobs report provides strong evidence that the Fed should not try to fix what isn't broken," said Ron Temple, head of U.S. equity at Lazard Asset Management. "After adding 169,000 jobs per month for the last three months, in spite of multi-decade lows in unemployment, it should be clear that the U.S. economy does not need additional stimulus measures."
Cleveland Fed President Loretta Mester told CNBC on Friday she sees no need to adjust the central bank's monetary policy, while St. Louis Fed President James Bullard said the Fed's monetary measure now is "a little tight" and may have to be reconsidered.
Friday's rally was led by Amazon, whose stock rose for the first time in five days after Buffett told CNBC Thursday that one of his investment managers at Berkshire Hathaway has been buying Amazon. Shares of the e-commerce giant were up 3.2% Friday.
Shares of Tesla jumped nearly 4.5% after the electric car maker said Friday it increased the size of the stock and bond offering announced a day earlier and CEO Elon Musk intends to buy even more equity.
Despite Friday's gains, Dow still posted a small weekly loss of 0.1% as the Fed Chairman's comments triggered a two-day sell-off earlier in the week. The S&P 500 and the Nasdaq finished the week slightly higher.
Strong earnings this season have been supporting the markets. More than half of the S&P 500 has reported first-quarter earnings and the results have largely topped expectations. According to FactSet, 75% of the S&P 500 companies have beaten earnings estimates.
— CNBC's Silvia Amaro contributed reporting.