Markets had their strongest day of trading to close the week Friday with the Nasdaq and Dow Jones Industrial Average both rising triple digits.
The Dow climbed 1.39%, or 332 points to 24,263, while the Nasdaq gained 1.7%, or 121 points to 7,210, while the S&P 500 gained 1.28%, or 34 points to 2,663.
Instagram Now AllowsIn-App Purchases
Instagram (FB) is finally allowing users to purchase items through the application without having to be redirected to an outside website.
For more security, users can set up a PIN that must be entered before the app will allow purchases to go through.
Instagram has not publicized the change, but the option apparently has been available for some time.
The U.S. Makes Trade Expectations Known to China
The trade negotiations between the U.S. and China is moving forward after the U.S. handed Chinese officials a list of demands, including a $200 billion reduction in the trade deficit between the two countries by the end of 2020.
The U.S. is also seeking to stop Chinese government support for advanced technologies and reduction to tariffs on imports of American products. China responded to the requests by calling them "unfair," according to the Wall Street Journal.
A statement released by the state-run Xinhua News Agency described the talks between Vice Premier Liu He and U.S. Treasury Secretary Steven Mnuchin as "frank, efficient and constructive."
Alibaba Is Betting Big on Commerce Revenue, Cloud Business
Chinese e-retailer Alibaba BABA believes that its commerce and cloud business will drive 60% overall revenue growth next year.
The company reported a 29% decline in fourth-quarter profit from the year earlier, due in part to a one-time gain from the divestiture of assets. Without those disposals, the company reported a 37% increase to its fourth-quarter bottom line.
The 7.56 billion yuan the company cleared in the quarter was short of the 7.7 billion yuan analysts at S&P Global were looking for, even as revenue for the period increased 61% year over year to 61.93 billion yuan.
The company did top earnings estimates from Thomson Reuters and FactSet.
Alibaba shares were rising 1.2% in morning trading Friday.
Walmart Offers $15 Billion for 75% Stake in Flipkart
Walmart's (WMT) battle for global domination against Amazon (AMZN) is headed for India after the big box retailer submitted a $15 billion bid for a 75% stake in Flipkart, India's premier e-commerce company.
Flipkart was started by two Amazon employees in 2007 and has risen to become one of India's most popular retailers with billions raised from investors like SoftBank Group, Tencent Holdings (TCEHY) and Microsoft (MSFT) .
As of its last funding round in April, Flipkart said it was valued at $11.6 billion.
U.S. Adds 164,000 Jobs in April, Unemployment Rate Dips to 3.9%
The U.S. economy added 164,000 jobs in April, causing the jobless rate to fall to 3.9%. However, economists were expecting the country to add 192,000 jobs in the month and the jobless rate to fall to 4%.
Average hourly earnings increased by 4%, or a 2.6% increase on an annualized basis. That pace is slightly off the norm as average hourly earnings have been increasing at a 2.7% hourly pace.
The jobs numbers are important as the Federal Reserve watches employment and inflation in order to determine when to raise interest rates further.
Berkshire Hathaway Upped Apple Stake in a Big Way in Q1
Count Warren Buffett among the Apple Inc. (AAPL) bulls.
Berkshire Hathaway (BRK.B) purchased 75 million shares of the tech company in the first quarter, adding to the 165 million share stake the fund had invested in the company as of the end of 2017.
"If you look at Apple, I think it earns almost twice as much as the second-most-profitable company in the United States," Buffett told CNBC.
Apple shares are on fire after an earnings beat earlier this week as the company sold 52 million iPhones in the most recent quarter.
Xerox Reverses Course, CEO and Board to Remain Intact
If you thought the drama with Xerox (XRX) and Carl Icahn was over once the company agreed to oust its CEO and several board members, guess again.
The company announced that its board and CEO Jeff Jacobson will stay intact following the expiration of a settlement agreement with activists Icahn and Darwin Deason.
On May 1 the company agreed to oust the executives in exchange for Deason dropping litigation against the company. He hasn't done so and the agreement is now expired.
Xerox had previously agreed to let go of Jacobson and force the resignation of six of the company's 10 board members.
Futures contracts were faltering ahead of the market open Friday one day after markets sold off to end Thursday's session on a mixed note.
Dow futures were falling 0.17%, indicating an open 41 points lower, while Nasdaq futures fell 0.19%, indicating an open 13 points lower, S&P futures fell 0.2%, indicating an open 5 points lower.
Major Asian markets had a dismal day, led by the Hang Seng which declined 1.28%. The Nikkei fell 0.16% and the Shanghai Composite declined 0.32%.
In Europe, the CAC 40 fell 0.04% while the DAX in Germany rose 0.45%, and the FTSE 100 gained 0.42% with about four hours left in trading.