Record jobs report sends stocks surging

The Dow rallied 829.16 points, or 3.15{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, to close at 27,110.68. The S&P 500 jumped 2.62{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} to 3,193.93. The Nasdaq Composite surged 2.06{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} 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. 

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{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, 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{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, 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.

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

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