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June 5, 2020, 10:13 p.m. EDT

Dow closes 800 points higher after jobs report shows surprise jump in payrolls, fall in unemployment rate

U.S. economy added a surprise 2.5 million jobs in May, unemployment rate fell to 13.3%

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By William Watts and Mark DeCambre, MarketWatch

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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 global equities, the Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.29% closed up 2.5%, while the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +0.09% added 2.3%.

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

/zigman2/quotes/206420077/composite
US : U.S.: NYSE Arca
$ 37.18
+0.05 +0.13%
Volume: 18.38M
Aug. 7, 2020 4:00p
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/zigman2/quotes/204455864/composite
US : U.S.: NYSE
$ 43.44
-0.20 -0.46%
Volume: 18.76M
Aug. 7, 2020 4:02p
P/E Ratio
25.87
Dividend Yield
8.01%
Market Cap
$183.67 billion
Rev. per Employee
$3.93M
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/zigman2/quotes/207018272/composite
US : U.S.: NYSE
$ 15.45
0.00 0.00%
Volume: 20.96M
Aug. 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
0.26%
Market Cap
$14.19 billion
Rev. per Employee
$1.60M
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/zigman2/quotes/209660484/composite
US : U.S.: NYSE Arca
$ 24.84
+0.52 +2.14%
Volume: 63.30M
Aug. 7, 2020 4:00p
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/zigman2/quotes/202026558/composite
US : U.S.: NYSE Arca
$ 75.13
+1.26 +1.71%
Volume: 12.95M
Aug. 7, 2020 4:00p
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/zigman2/quotes/212180539/composite
US : U.S.: NYSE
$ 28.95
-1.14 -3.79%
Volume: 15.37M
Aug. 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$16.32 billion
Rev. per Employee
N/A
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/zigman2/quotes/210571191/composite
US : U.S.: NYSE
$ 29.85
-1.75 -5.54%
Volume: 1.41M
Aug. 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.35 billion
Rev. per Employee
N/A
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/zigman2/quotes/205992027/composite
US : U.S.: Nasdaq
$ 204.76
-10.92 -5.06%
Volume: 5.65M
Aug. 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$37.58 billion
Rev. per Employee
$310,851
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/zigman2/quotes/200646538/composite
US : U.S.: Nasdaq
$ 325.93
-3.23 -0.98%
Volume: 1.42M
Aug. 7, 2020 4:00p
P/E Ratio
58.33
Dividend Yield
3.99%
Market Cap
$131.08 billion
Rev. per Employee
$1.42M
loading...
/zigman2/quotes/209207041/composite
US : U.S.: Nasdaq
$ 13.03
-0.01 -0.08%
Volume: 61.70M
Aug. 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$6.63 billion
Rev. per Employee
$345,547
loading...
/zigman2/quotes/211629951/delayed
US : U.S.: Nymex
$ 41.60
-0.35 -0.83%
Volume: 365,478
Aug. 7, 2020 4:59p
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
0.57
+0.03 +5.16%
Volume: 0.00
Aug. 7, 2020 4:59p
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/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
93.39
+0.60 +0.65%
Volume: 0.00
Aug. 7, 2020 6:00p
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/zigman2/quotes/210599654/delayed
XX : STOXX
363.55
+1.06 +0.29%
Volume: 0.00
Aug. 7, 2020 11:03p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,032.18
+5.24 +0.09%
Volume: 0.00
Aug. 7, 2020 4:59p
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/zigman2/quotes/210597971/delayed
JP : Nikkei
22,329.94
-88.21 -0.39%
Volume: 0.00
Aug. 7, 2020 3:15p
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/zigman2/quotes/210598128/delayed
XX : China Securities Index
4,707.93
-54.84 -1.15%
Volume: 21.35B
Aug. 7, 2020 3:00p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,531.62
-398.96 -1.60%
Volume: 1.61M
Aug. 7, 2020 4:08p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,351.67
+9.06 +0.39%
Volume: 812,594
Aug. 7, 2020 3:32p
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William Watts is MarketWatch's deputy markets editor, based in New York. Follow him on Twitter @wlwatts. Mark DeCambre is MarketWatch's markets editor. He is based in New York. Follow him on Twitter @mdecambre.

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