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Stocks rose Friday as traders parsed the May jobs report and cheered lawmakers passing a debt ceiling bill that averts a U.S. default.
The Dow Jones Industrials popped 411.6 points, or 1.2%, to begin the week’s last session at 33,473.17.
The S&P 500 took on 33.73 points to 4,254.75, while the tech-heavy NASDAQ index advanced 50.73 points to 13,151.71.
The major averages were higher for the week. The S&P 500 took on 1.3%, and NASDAQ has hiked 1.5%. The Dow’s Friday advance pushed it into positive territory, up 1.3% week to date. The NASDAQ is on pace to end its sixth straight week higher, a streak length not seen for the technology-heavy index since 2020.
Non-farm payrolls grew much more than expected in May, rising 339,000 despite economists polled by Dow Jones expecting a relatively modest 190,000 increase. It marked the 29th straight month of positive job growth.
Recent strong jobs report have pressured stocks on the notion that the resilient labour market will keep the Federal Reserve in hiking mode. But the stock market seemed to like Friday’s numbers, perhaps concentrating on a wage increase that showed lighter-than-expected inflation and an unemployment rate that ticked higher.
Lululemon shares popped 14% on strong results and a guidance boost, while MongoDB surged more than 30% on a blowout forecast.
Prices for the 10-year Treasury sagged, raising yields to 3.67% from Thursday’s 3.60%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.81 to $71.91 U.S. a barrel.
Gold prices tailed off $16.40 to $1,979.10 U.S. an ounce.
