Wall Street rallied on Friday as the Dow Jones Industrial Average surged 443 points, lifted by a robust U.S. jobs report that eased concerns about the economy’s health.
The Dow closed at 42,763, up 1.1%, while the S&P 500 rose 1% to hit the 6,000 mark for the first time since February. The Nasdaq Composite gained 1.2% to finish at 19,530.
The May jobs report showed the U.S. economy added 139,000 jobs, surpassing expectations of 125,000. The unemployment rate held steady at 4.2%, and wage growth slightly outpaced forecasts. Analysts say the data signals ongoing strength in the labor market, helping to calm fears of a potential recession.
Technology stocks led the day’s gains. Tesla rebounded more than 4% after a sharp decline earlier in the week, while shares of Microsoft, Nvidia, Apple, Amazon, Alphabet, and Meta all advanced. The Russell 2000 index of small-cap stocks climbed 1.5%, reflecting renewed optimism for smaller companies.
Investor sentiment was further buoyed by signs of easing tensions between President Donald Trump and Tesla CEO Elon Musk, with reports suggesting a possible reconciliation call is in the works. President Trump also announced that U.S.-China trade talks will resume in London next week, led by Treasury Secretary Scott Bessent.
Despite the upbeat jobs data, President Trump renewed his call for the Federal Reserve to cut interest rates by a whole percentage point. However, market watchers see little chance of a rate cut at the Fed’s June meeting, with the odds of a September cut slipping to 62%.
Looking ahead, investors will be watching for next week’s inflation data, the Federal Reserve’s June policy meeting, and further developments in U.S.-China trade negotiations. For now, substantial employment numbers and easing political tensions have given Wall Street a much-needed boost.
Dow Jumps 443 Points As Strong Jobs Report Boosts Wall Street
Anand Rai
Wall Street rallied on Friday as the Dow Jones Industrial Average surged 443 points, lifted by a robust U.S. jobs report that eased concerns about the economy’s health.
The Dow closed at 42,763, up 1.1%, while the S&P 500 rose 1% to hit the 6,000 mark for the first time since February. The Nasdaq Composite gained 1.2% to finish at 19,530.
The May jobs report showed the U.S. economy added 139,000 jobs, surpassing expectations of 125,000. The unemployment rate held steady at 4.2%, and wage growth slightly outpaced forecasts. Analysts say the data signals ongoing strength in the labor market, helping to calm fears of a potential recession.
Technology stocks led the day’s gains. Tesla rebounded more than 4% after a sharp decline earlier in the week, while shares of Microsoft, Nvidia, Apple, Amazon, Alphabet, and Meta all advanced. The Russell 2000 index of small-cap stocks climbed 1.5%, reflecting renewed optimism for smaller companies.
Investor sentiment was further buoyed by signs of easing tensions between President Donald Trump and Tesla CEO Elon Musk, with reports suggesting a possible reconciliation call is in the works. President Trump also announced that U.S.-China trade talks will resume in London next week, led by Treasury Secretary Scott Bessent.
Despite the upbeat jobs data, President Trump renewed his call for the Federal Reserve to cut interest rates by a whole percentage point. However, market watchers see little chance of a rate cut at the Fed’s June meeting, with the odds of a September cut slipping to 62%.
Looking ahead, investors will be watching for next week’s inflation data, the Federal Reserve’s June policy meeting, and further developments in U.S.-China trade negotiations. For now, substantial employment numbers and easing political tensions have given Wall Street a much-needed boost.
Related articles
AllSaints Marks 10 Years In Middle East, Launches New AW25 Collection With Celebrations At Mall Of The Emirates
Bank Of Japan Holds Policy Rate At 0.5% Amidst Slow Inflation
Dubai: Your Guide To The Most Instagrammable Iced Summer Sips At The Beach JBR
Canada, Mexico Sign Strategic Partnership To Curb Cartel Activity And Enhance Security Efforts