US investors cheered by falling oil prices and improving jobs prospects sent stocks higher today, hoping that the news signals a renewal of economic strength and a fall rally in stocks.

US investors succumbed again to interest rate fears today, sending stocks tumbling after the US government reported blistering job growth in April that far exceeded Wall Street’s expectations.

A round of strong profit outlooks fuelled anticipation over next week’s first-quarter earnings reports, sending stocks markedly higher today.

Stocks extended their slide today, giving the tech-dominated Nasdaq composite index its worst weekly performance in 17 months.