The S&P 500 closed up 2.6 percent after a report that the U.S. job market strengthened last month, bolstering hopes the country may be starting to dig out of the recession. Employers added 2.5 million jobs, though unemployment remains around 13.3 percent.
A woman walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, June 5, 2020. Asian markets are mostly lower after Wall Street rally takes a breather, as investors parse unemployment data.
The S&P 500 is now down just 5.7% from its record set in February after being down nearly 34% earlier this year when recession worries were peaking. Now, the 10-year yield is close to its highest level since March, according to Tradeweb. It tends to move with investors’ expectations for the economy’s strength and inflation.Stocks began their massive rally in late March after the Federal Reserve came to the rescue with promises of immense aid to keep markets running smoothly. Capitol Hill also agreed on unprecedented amounts of support for the economy.
Analysts and economists warn, though, that a full recovery is still a long way away. The unemployment rate is still above 13%, nearly quadruple where it was at the start of the year.
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