Sat, 11 Jul 2020

Wall Street rallies after jobs data

Xinhua
06 Jun 2020, 06:44 GMT+10

NEW YORK, June 5 (Xinhua) -- Wall Street's major averages ended sharply higher on Friday, buoyed by better-than-anticipated U.S. employment data.

The Dow Jones Industrial Average soared 829.16 points, or 3.15 percent, to 27,110.98. The S&P 500 increased 81.58 points, or 2.62 percent, to 3,193.93. The Nasdaq Composite Index rose 198.27 points, or 2.06 percent, to 9,814.08.

All the 11 primary S&P 500 sectors finished higher, with energy up 7.46 percent, leading the gains.

U.S. employers added 2.5 million jobs in May, and the unemployment rate dropped slightly to 13.3 percent, the U.S. Bureau of Labor Statistics reported Friday.

Economists polled by Dow Jones expected a drop of more than 8 million jobs and the unemployment rate to nearly reach 20 percent.

The improvements reflected a limited resumption of economic activity that had been curtailed in March and April due to the COVID-19 pandemic, said the bureau. The unemployment rate previously soared to a record 14.7 percent in April.

The figures came one day after the Labor Department said U.S. initial jobless claims registered 1.877 million in the week ending May 30, exceeding a Dow Jones estimate of 1.775 million.

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