Employment data stunned Wall Street with a record number of jobs added to the economy last month.
The Dow Jones Industrial Average rose 3%, nearly 800 points, at Friday’s open, while the S&P 500 was up 2.1% and the tech-heavy Nasdaq gained 0.6%.
Stocks got a boost after the biggest monthly job gains on record: The U.S. economy added 2.5 million jobs in May, versus an expected decline of 8.3 million jobs. last month, which beat estimates of 19.5%, according to the Labor Department. The latest jobs data is a promising sign that the economy is beginning to stabilize after months of damage to the labor market caused by business shutdowns during the coronavirus pandemic.
Stocks that would benefit from an economic reopening, like airlines, continued to soar on Friday: American Airlines was up 30%, United Airlines 25% and Delta 15%. Casino stocks such as MGM Resorts, Wynn Resorts and Las Vegas Sands also jumped after Nevada allowed casinos to“Today was a shocking jobs number – and for the first time this year it was a positive shock – it’s very encouraging to see workers being recalled back by their employers and the unemployment rate dropped back down in May,” says Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “At 13.
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