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June 5, 2020, 4:04 p.m. EDT

Dow ends over 800 points higher after May jobs surprise

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By William Watts

Stocks soared Friday, with the Nasdaq Composite touching an all-time intraday high, as investors cheered a May jobs report that unexpectedly showed a 2.5 million rise in nonfarm payrolls and a fall in the unemployment rate. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.44% rose around 829 points, or 3.2%, to finish near 27,110, according to preliminary figures, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.05% advanced around 82 points, or 2.6%, to close near 3,194. The Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +0.66% finished 198 points higher, up 2.1%, near 9,814, after earlier trading above its previous record close of 9,817.18 from Feb. 19. Economists had expected the jobs report to show the U.S. economy had shed more than 7 million jobs. The unemployment rate fell to 13.3% from 14.7%, versus expectations for a rise toward 20%. Though analysts warned against reading too much into one month's data, the magnitude of the surprise underlined expectations the economy could be poised to snap back relatively quickly as lockdowns put in place to contain the COVID-19 pandemic are lifted.

US : Dow Jones Global
+369.21 +1.44%
Volume: 338.17M
July 10, 2020 4:20p
+32.99 +1.05%
Volume: 2.40B
July 10, 2020 4:20p
US : U.S.: Nasdaq
+69.69 +0.66%
Volume: 3.19M
July 10, 2020 4:28p

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