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Investing.com — U.S. stock markets rose sharply at the opening on Friday, shrugging off the biggest rise in unemployment in U.S. history, as investors took the view that April’s labor market report marks the low point of the pandemic’s impact on markets.
By 9:35 AM ET (1335 GMT), the Dow Jones Industrial Average was up 284 points, or 1.2% at 24,159 points, while the S&P 500 was up 0.9%. The Nasdaq Composite, which on Thursday erased its losses for the year and moved back into positive territory, gained another 0.5%.
Earlier, the Bureau of Labor Statistics had confirmed that nonfarm employment fell by 20.5 million in the month to mid-April, pushing the jobless rate up to 14.7% of the workforce. The broader U6 measure of underemployment rose to 22.8% of the workforce from 8.7% a month earlier.
