Jun 5, 2020 - Economy & Business

Better-than-expected jobs report boosts stock market

Data: Yahoo Finance; Chart: Axios
Data: Yahoo Finance; Chart: Axios

The S&P 500 jumped nearly 3% on Friday after a stronger-than-expected May jobs report showed that an economic recovery could be underway.

The state of play: Stocks have rallied since the worst of the coronavirus sell-off ended in late March and looked past a spate of ugly economic reports — not to mention civil unrest.

  • The S&P 500 is almost flat on the year — and has recovered a huge chunk its losses since the pandemic hit.
  • The S&P 500 is about 6% below its record high, which was set in February.

By the numbers, as of 1:20 p.m. ET on Friday afternoon:

  • The Dow Jones Industrial Average rose 3.6% (about 936 points).
  • The Nasdaq gained 2%.
  • Treasury yields also jumped, with the 10-year note rising about 10 basis points.
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