In April, the U.S. job market demonstrated unexpected strength, with a reported increase of 177,000 nonfarm payrolls, surpassing economists' expectations of 133,000. This report contradicted earlier data showing rising unemployment claims, prompting speculation that the Federal Reserve might cut interest rates to support full employment. Following the revelation of jobs growth, stock markets reacted positively, with the S&P 500 gaining over 1%. Additionally, significant earnings beats were reported by companies like Cigna and major oil firms Chevron and Exxon Mobil, highlighting mixed yet strong corporate performance amidst earnings season.
"The U.S. Labor Department reported rising claims for unemployment on Thursday, leading investors to expect the Fed might soon cut interest rates to head off this trend and help maintain full employment."
"One day later, the U.S. Bureau of Labor Statistics reported a completely opposite trend of seasonally adjusted nonfarm payrolls rising by 177,000 jobs in April, much more than the 133,000 jobs economists were forecasting."
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