Dow Soars 829 Points on Heels of Strong US Jobs Report


The S&P 500 jumped another 2.6% after a report said the US job market surprisingly strengthened last month, bolstering hopes that the worst of the recession may have already passed.

The benchmark Dow Jones Industrial Average ended at 27,110 on Friday, up 829 points, or 3.1 percent from the day before. The S&P 500 opened higher by 64.61 points, or 2.08%, at 3,176.96, while the tech-rich Nasdaq Composite gained 155.60 points, or 1.62%, to 9,771.41.

Nasdaq just missed setting a new closing record high.

The Dow closed just 11.93 points higher on Thursday, halting a rally the peaked yesterday on growing optimism regarding the reopening of several USA states.

The Labor Department said on Friday that employment unexpectedly rose by 2.5 million in May - the biggest monthly gain in history - while the jobless rate declined to 13.3% - far better than analysts' expectations for a rise in the jobless rate to 20%. "I think there were a lot of people who felt that the layoffs would be permanent, and it's obvious that there's so much demand that people have to bring people back".

"The numbers are a huge surprise to the upside", said Michael Arone, chief investment strategist at State Street Global Advisors in Boston. Visit for more information on this news.

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Shares of airlines jumped, as the industry added more summer flights. "The one thing I'm still cautious on is this incredible optimism trade is being driven without any earnings yet to support it".

A report showed that the number of US workers filing for unemployment benefits eased for a ninth straight week, roughly in line with the market's expectations.

Since Feb. 19, the end of the previous Nasdaq bull market, Amazon's stock market value has increased by over $150 billion, far more than any other USA company, as investors bet that shopping will move further online and that Amazon's cloud computing business will grow quickly.

On Thursday, American Airlines surged 41% for the biggest gain in the S&P 500 after it said it plans to fly 55% of its normal US schedule next month, up from only 20% in April.

The yield on the 10-year Treasury rose to 0.82% from 0.81% late Thursday after rising decisively during the day. It had also been much slower to rise than stocks recently, but the 10-year yield is now close to its highest level since late March.

Brent crude, the worldwide standard, gained 6 cents to $40.05 per barrel. The euro strengthened to $1.1341 from $1.1336.