Record jobs report sends stocks surging


Traders work on the floor of the New York Stock Exchange on March 09, 2020.

Spencer Platt | Getty Images

Dow Jones Industrial Average rallies 829 points

The Dow rallied 829.16 points, or 3.15%, to close at 27,110.68. The S&P 500 jumped 2.62% to 3,193.93. The Nasdaq Composite surged 2.06% to hit a record high and close at 9,814.08. A record surge in U.S. jobs sent stocks flying as traders cheered the prospects of the economy reopening. 

A record 2.5 million jobs added

U.S. employers added a shocking 2.5 million jobs last month — the largest gain on record — while the unemployment rate slid to 13.3%, the Labor Department said Friday. Economists polled by Dow Jones expected a drop of more than 8 million jobs and the unemployment rate to nearly reach 20%, which would have been the highest since the 1930s. “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,” CNBC’s Jim Cramer said.

Airlines and banks rally

What happens next?

Job opening and wholesale inventory data are set for release next week. 

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Source Article

Next Post

The widely cited 'disconnect' between Wall Street and Main Street suddenly appears less confounding

A “Now Hiring” sign advertising jobs at Lowe’s is seen as the spread of the coronavirus disease (COVID-19) continues, in Homestead, Florida, U.S., April 17, 2020. Marco Bello | Reuters Quite unexpectedly and rather suddenly, investors have been given a reset, a reprieve, a chance at a fresh start. What […]