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Investing.com — U.S. stock markets surged at the opening on Friday after an expected and large rise in employment in May strengthened hopes that the worst of the coronavirus pandemic was over, and bolstered confidence in a speedy, ‘V-shaped’ recovery.
By 9:37 AM ET (1337 GMT), the Dow Jones Industrial Average was up 672 points, or 2.6%, at a three-month high of 26,954 points. The S&P 500 rose 2.1% and the Nasdaq Composite was up 1.4%.
The Labor Department had earlier reported that the economy created 2.509 million net jobs in the month to mid-May, causing the jobless rate to fall from its postwar high of 14.7% to 13.3%. Analysts had expected nonfarm payrolls to shrink by 8 million.
