Dow Rockets on Job Numbers
Stocks jumped Friday after the latest non-farm payrolls data came in better than expected, easing concern the economy faces an imminent slowdown.
The Dow Jones Industrials cooked 392.66 points to 42,712.40.
The S&P index recovered 62.28 points, or 1.1%, to 6,001.58, touching the 6,000 level for the first time since February.
The NASDAQ Composite popped 261.90 points, or 1.3%, to 19,550.25.
The broad market index, along with the other two major indexes, are also on pace for meaningful gains for the week. The S&P and Dow are each up more than 1% week to date, while the NASDAQ is up more than 2%.
The market’s move higher was supported by a more than 6% gain in Tesla. Shares of the electric vehicle maker weighed on the market Thursday, tumbling 14%, as CEO Elon Musk sparred with President Donald Trump on social media. Other major tech-related names such as Nvidia, Meta Platforms and Apple also traded higher on the day.
Those gains came after U.S. payrolls climbed 139,000 in May, the Bureau of Labor Statistics reported Friday, above the Dow Jones forecast of 125,000 for the month but less than the downwardly revised 147,000 in
A series of data released earlier this week signaled a possible economic slowdown, raising questions about the impact of the multi-front tariff negotiations and the next steps for the Federal Reserve, which next meets to set interest rate policy on June 17-18.
Prices for the 10-year Treasury fell, hiking yields to 4.49% from Thursday’s 4.40%. Treasury prices and yields move in opposite directions.
Oil prices gushed $1.26 to $64.63 U.S. a barrel.
Gold prices backpedaled $21.80 to $3,353.30 U.S. an ounce.
