The U.S. stock market rose after Apple released better-than-expected financial results on the back of strong iPhone sales. The Dow Jones index rose 431 points, or 1.3%, while the S&P 500 rose 1.5% and the NASDAQ Composite rose 1.8%.

Apple’s report beat the odds thanks to a stronger-than-expected jobs report for April. Apple shares rose 4.9%.

U.S. companies created 253,000 jobs last month, more than the 180,000 expected by analysts. The unemployment rate fell to 3.4%, also a surprise. The data point to a steady strengthening in the labor market, which may encourage the Federal Reserve to keep interest rates on hold for longer.

Futures traders were betting that the Fed would pause its interest rate hike in June while it assessed progress made against inflation. This week, the Fed raised the rate by another quarter of a percentage point.

The rapid rate hike last year has raised concerns about the banking system as regional banks come under pressure because of the higher rate, which attracts deposits into bank products that offer higher yields to customers. PacWest Bancorp (NASDAQ: PACW), which has been under pressure this week, rebounded Friday. Shares of the bank were up more than 50 percent, and Western Alliance Bancorporation (NYSE: WAL) shares were up more than 29 percent.

Shares of online used-car dealer Carvana (NYSE: CVNA) jumped 34% after announcing that it expects to make a profit in the current quarter.

Shares of LYFT Inc, fell 21% due to concerns that a price war with rival Uber Technologies could result in lower profit margins.

Oil rose in price. WTI futures rose 3.9% to $71.28 a barrel and Brent futures rose 3.7% to $75.19 a barrel. Gold futures fell 1.9 percent to $2,015.

Earlier, we reported that the former head of Mastercard has been appointed president of the World Bank.