Stocks popped on Friday as regional bank shares climbed off their lows and market-darling Apple reported better-than-expected quarterly earnings. The Dow jumped 1.65%. The S&P 500 gained 1.85%. The Nasdaq surged 2.25%.
The newly created SpongeBob token has surged almost 600% since and is trading at less than 1 cent per coin, according to CoinMarketCap. Pepecoin is up more than 120% over the past 24 hours.
Value investor Bill Nygren told CNBC on Friday that he bought this regional bank stock as turmoil descended on the sector in the first quarter. Megan Horneman, chief investment officer at Verdence Capital Advisors, says that Friday's market rally despite the stronger-than-expected jobs numbers for April will not last.
"If you look at the average hourly earnings data that we got today, you know, that ticked higher and on a monthly basis, it was higher than expected and ticked higher on a year-over-year basis. And that's not what the Fed wants to see. So this isn't really a great. It's not great news that would I think warrants such a rally in the equity market.
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