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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Dion Rabouin, author of Markets
Sep 4, 2020 - Economy & Business

The stock market had its worst day in months, but no one is quite sure why

Data: FactSet; Chart: Axios Visuals

The Nasdaq fell 5% on Thursday, its worst decline since March, and the S&P 500 had its worst session since June, but no one was quite sure why.

What happened: Fund managers and strategists posited that profit taking or rebalancing was to blame as no fundamental drivers for the sell-off were apparent and it remains unclear whether Thursday was a fluke or the beginning of retrenchment from what most Wall Street analysts viewed as an overextended market.

U.S. economy added 1.4 million jobs in August

Data: BLS; Chart: Axios Visuals

The U.S. added 1.4 million jobs last month, while the unemployment rate fell to 8.4% from 10.2% in July, the government announced on Friday.

Why it matters: The labor market is rebounding, but the pace of hiring has dropped off from the fury of job gains seen earlier this summer. The slowdown could be a sign of what's to come: a long, sluggish job market recovery.

Updated 10 mins ago - Politics & Policy

Tim Scott says Trump "misspoke" when he told Proud Boys to "stand by"

Photo: Bonnie Cash/Pool/AFP via Getty Images

Sen. Tim Scott (R-S.C.) told reporters on Wednesday that he believes President Trump "misspoke" when he told the far-right "Proud Boys" group to "stand back and stand by" in response to a question about condemning white supremacy at the first presidential debate.

Catch up quick: Moderator Chris Wallace asked Trump on Tuesday, "Are you willing, tonight, to condemn white supremacists and militia groups and to say that they need to stand down?" Trump asked who specifically he should condemn, and then responded, "Proud Boys, stand back and stand by. But I'll tell you what, somebody's got to do something about antifa and the left."