Stocks soar after job market’s surprise bonanza

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U.S. equity markets surged Friday morning after the economy unexpectedly added jobs in May as businesses began reopening their doors following lockdowns ordered to slow the spread of COVID-19.

The Dow Jones Industrial Average gained 673 points, or 2.56 percent, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite rose 1.96 percent and 0.9 percent, respectively.

The U.S. economy added 2.51 million jobs in May as the unemployment rate fell to 13.3 percent, according to a report released Friday morning by the Labor Department. Wall Street analysts surveyed by Refinitv were expecting the economy to lose 8 million jobs as the unemployment rate spiked to 19.8 percent.

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Source: Fox Business

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