Employment data stunned Wall Street with a record number of jobs added to the economy last month.
The Dow Jones Industrial Average rose 3%, nearly 800 points, at Friday’s open, while the S&P 500 was up 2.1% and the tech-heavy Nasdaq gained 0.6%.
Stocks got a boost after the biggest monthly job gains on record: The U.S. economy added 2.5 million jobs in May, versus an expected decline of 8.3 million jobs. last month, which beat estimates of 19.5%, according to the Labor Department. The latest jobs data is a promising sign that the economy is beginning to stabilize after months of damage to the labor market caused by business shutdowns during the coronavirus pandemic.
Stocks that would benefit from an economic reopening, like airlines, continued to soar on Friday: American Airlines was up 30%, United Airlines 25% and Delta 15%. Casino stocks such as MGM Resorts, Wynn Resorts and Las Vegas Sands also jumped after Nevada allowed casinos to“Today was a shocking jobs number – and for the first time this year it was a positive shock – it’s very encouraging to see workers being recalled back by their employers and the unemployment rate dropped back down in May,” says Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “At 13.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Dow Jumps 200 Points As Investors Focus On Reopening The EconomyThe Dow jumped 200 points today as investors focus on reopening the economy by skleb1234
Lire la suite »
Dow surges 527 points as positive labor-market data overshadows nationwide protests | Markets InsiderUS equities climbed on Wednesday as investors pointed to positive labor-market data as a new sign of smooth economic recovery. Major indexes gai...
Lire la suite »
Dow spikes 700 points after jobs-report shocker shows unemployment rate dropped in May | Markets InsiderUS equities spiked on Friday after the Bureau of Labor Statistics announced an unexpected decline in unemployment and net job creation in May. T...
Lire la suite »
Dow futures rise ahead of week’s final test for stock market — Friday’s jobs reportU.S. stock-index futures point to modest gains on Friday, as investors look toward a labor-market report that could reflect soaring unemployment even as the...
Lire la suite »
Dow ekes out 4th straight daily gain ahead of May jobs reportStocks ended mostly lower Thursday, though the Dow Jones Industrial Average eked out a tiny gain to extend its win streak to four sessions. The S&P 500 and...
Lire la suite »
America's billionaire wealth jumps by over half a trillion during COVID-19 pandemic: reportThe combined wealth of America's billionaires, including Amazon.com Inc founder Jeff Bezos and Facebook Inc CEO Mark Zuckerberg, jumped over 19% or by half a trillion since the onset of the COVID-19 pandemic in the United States, according to a report published by the Institute for Policy Studies (IPS).
Lire la suite »