Wall Street's rally accelerates after stunning jobs report [View all]
Source: AP
By STAN CHOE and DAMIAN J. TROISE
Stocks are rushing higher in early trading Friday after a stunningly good report on the U.S. job market gave Wall Street’s recent rally another shot of adrenaline.
The S&P 500 was up 2.2% within the first 15 minutes of trading after the government said that U.S. employers added 2.5 million workers to their payrolls last month. Economists were expecting them instead to slash another 8 million jobs amid the ongoing fallout from the response to the coronavirus pandemic.
While economists cautioned that it’s just one month of data and could be giving false hope, the report gives credence to the building optimism among stock investors that the economy can recover relatively quickly from its current hole. That hope has been a big reason for the better than 40% rally for the S&P 500 since late March.
The S&P 500 is now down only about 6.3% from its record set in February after earlier being down nearly 34%.
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. (AP Photo/Eugene Hoshiko)
Read more: https://apnews.com/c659fdf71287b356513d9e6765407c71
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