Better-than-expected jobs report boosts stock market
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.