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The Dow Jones Industrial Average surged Friday as traders cheered a strong jobs report and lawmakers passing a debt ceiling bill that averts a U.S. default.
The 30-stock index popped 700.89 points, or 2.1%, to conclude Friday at 33,762.46, for its best one-day gain since November.
The S&P 500 acquired 61.34 points, or 1.5%, to 4,282.36, while the tech-heavy NASDAQ index jumped 139.78 points, or 1.1%, to 13,240.77, reaching its highest level since April 2022 during the session.
The major averages were higher for the week. The S&P 500 jumped 1.9%, and the NASDAQ was 2.1% higher, The Dow’s Friday advance pushed it into positive territory, up 2.1% on the week. 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 reports 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 nearly 13% on strong results and a guidance boost, while MongoDB surged more than 28% on a blowout forecast.
Prices for the 10-year Treasury sagged, raising yields to 3.70% from Thursday’s 3.60%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.83 to $71.91 U.S. a barrel.
Gold prices tailed off $30.80 to $1,964.70 U.S. an ounce.
