Stocks jump on Wall Street following surprise May job gains
Stocks are climbing early Friday after the government delivered a big positive surprise on the job market.
Instead of another month of slashing jobs, employers added to their payrolls last month. The report gave another shot of adrenaline to Wall Street’s recent rally. The S&P 500 rose 2% and bond yields rose sharply after the government said employers added 2.5 million jobs in May, while economists were expecting them to cut another 8 million. While it’s just one month of data, the report gives credence to a building sense of optimism among investors that the economy can recover relatively quickly from the coronavirus slump.
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