The rally Friday was led by sectors considered cyclical, comprising stocks that typically do well when the economic growth is accelerating. The energy sector was the best performing on the day, with the Energy Select Sector SPDR Fund /zigman2/quotes/206420077/composite XLE +0.13% gaining 7.5% and Dow component Exxon Mobil Corp . /zigman2/quotes/204455864/composite XOM -0.46% gaining 8.1%. Occidental Petroleum Co . /zigman2/quotes/207018272/composite OXY 0.00% closed up 33.7%, to rank as the best performing stock in the S&P 500, according to FactSet. The financial /zigman2/quotes/209660484/composite XLF +2.14% and industrial /zigman2/quotes/202026558/composite XLI +1.71% sectors also posted significant gains.
Which stocks were in focus?
Shares of Boeing Co. were up 11.5%, leading all Dow components on the day. The stock remains down 36.9% year-to-date.
Slack Technologies Inc. /zigman2/quotes/212180539/composite WORK -3.79% revenue topped $200 million in a quarter for the first time, but the stock still sank. Shares fell 14.2%, though they’re up 44.8% on the year.
PagerDuty Inc. /zigman2/quotes/210571191/composite PD -5.54% shares closed 2.4% after the digital operations-management platform reported fiscal first-quarter results that exceeded Wall Street estimates.
Shares of DocuSign Inc . /zigman2/quotes/205992027/composite DOCU -5.06% fell 0.3% after the company’s latest results showed a boost from companies that were looking for digital ways to execute agreements as the COVID-19 crisis made in-person meetings more difficult. The stock is up 88.4% year-to-date.
Broadcom In c. /zigman2/quotes/200646538/composite AVGO -0.98% reported results late Thursday that were in line with Wall Street estimates and its outlook range bookended the analyst consensus. Shares rose 2.7%.
Shift4 Payments Inc. rose 45.8% on its first day on the NYSE, after it priced its initial public offering at $23 a share Thursday night, above its expected range of $19 to $21 a share.
Shares of American Airlines Group Inc . /zigman2/quotes/209207041/composite AAL -0.08% continued to surge Friday, and Raymond James analyst Savanthi Syth suggests enough is enough, as she turned bearish on the air carrier. “Taking into consideration the additional debt during the current crisis, we view AAL as priced close to perfection,” she wrote. Shares close 11.2% higher.
How did other assets trade?
Oil prices climbed /zigman2/quotes/211629951/delayed CL.1 -0.83% Friday as OPEC+ set a date for a meeting. West Texas Intermediate Crude rose $2.14, or 5.7%, to settle at $39.55 a barrel a barrel on the New York Mercantile Exchange.
In precious metals, August gold on Comex slid 2.7% to settle at $1,680.40 an ounce, marking its lowest level since April 3, as the jobs report dented haven-related demand.
The 10-year Treasury note yield /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +5.16% added 8.5 basis points to 0.903%, following the surprising jobs report. Bond prices move in the opposite direction of yields.
The greenback gained 0.3% against its major rivals, gauged by the ICE U.S. Dollar index /zigman2/quotes/210598269/delayed DXY +0.65% .
In Asia, Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -0.39% rose 0.7%, the China CSI 300 /zigman2/quotes/210598128/delayed XX:000300 -1.15% finished 0.4% higher and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.60% rose 1.8%. South Korea’s Kospi index /zigman2/quotes/210598069/delayed KR:180721 +0.39% gained 1.4%.
— Chris Matthews contributed to this article