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Photo by Drew Angerer/Getty Images

Stocks jumped on Friday following a stronger-than-expected employment report and dovish sentiment from Fed Chair Jay Powell.

  • The Dow Jones Industrial Average closed up 749 points, or 3.29%, while the S&P 500 and Nasdaq gained 3.43% and 3.38%, respectively.
  • As would be expected, bond yields also rose. The 2-year rose to 2.4% from 2.3% and the 10-year yield climbed to 2.6% from 2.5%, or 10 basis points each.

Go deeper

Janet Yellen is back

Photo illustration: Sarah Grillo/Axios. Photo: Hannelore Foerster/Getty Images

A face familiar to Wall Street is back as a central player that this time will need to steer the country out of a deep economic crisis.

Driving the news: President-elect Joe Biden is preparing to nominate former Fed chair Janet Yellen to be Treasury secretary.

Mike Allen, author of AM
20 mins ago - Politics & Policy

Charles Koch: "I screwed up"

In his first on-camera interview in four years, Charles Koch told "Axios on HBO" that he "screwed up by being partisan," rather than approaching his network's big-spending political action in a more nonpartisan way.

Why it matters: Koch — chairman and CEO of Koch Industries, which Forbes yesterday designated as America's largest private company — has been the left's favorite face of big-spending political action.

Caitlin Owens, author of Vitals
2 hours ago - Health

What overwhelmed hospitals look like

A healthcare professional suits up to enter a COVID-19 patient's room in the ICU at Van Wert County Hospital in Ohio. Photo: Megan Jelinger/AFP

Utah doctors are doing what they say is the equivalent of rationing care. Intensive care beds in Minnesota are nearly full. And the country overall continues to break hospitalization records — all as millions of Americans travel to spend Thanksgiving with friends and family.

Why it matters: America's health care workers are exhausted, and the sickest coronavirus patients aren't receiving the kind of care that could make the difference between living and dying.