Stocks jump on Wall Street following suprise May job gains

Featured Stock Index ETFs Rocket Higher Following Historic Employment Data By Ian Young

Featured Stock Index ETFs Rocket Higher Following Historic Employment Data By Ian Young

The SPDR S&P 500 ETF Trust (SPY), climbed 2.83%, the SPDR Dow Jones Industrial Average ETF (DIA) jumped 3.54%, while the Invesco QQQ Trust (QQQ) also advanced 2.11%. The S&P/TSX Composite Index rose 1.9 per cent, the S&P 500 was up two per cent, the Dow Jones Industrial Average gained 2.66 per cent and the Nasdaq Composite Index rose 0.9 per cent.

Later today, the closely-watched USA official jobs report is expected to show a reduction of 7.500 million nonfarm payrolls in May with the jobless rated jumping to 19.4%.

But economists saw pockets of disappointment after the total number of people getting benefits rose slightly after dropping the week before. But many professional investors contend the recent rally, a almost 40% climb for the S&P 500 since late March, is overdone and say a pullback is likely.

Stocks have been climbing since late March, at first on relief after the Federal Reserve and Congress promised massive amounts of aid for the economy.

Even so, Wall Street is betting that the US government and others will not move to close the economy again even if there is a pickup in new cases.

In a time when Americans are tense over the economy reopening, exploding racial tensions, and trade issues with China, this is all welcome news, offering hope for many.

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The S&P 500 was up 2.2% within the first 15 minutes of trading after the government said that USA employers added 2.5 million workers to their payrolls last month.

Continuing a recent trend, investors Thursday were cycling out of stocks that had held up the best when the hunt was for companies that can win in a weak, stay-at-home economy.

Other falling stay-at-home winners included Netflix, down 1.8%, and Clorox, down 0.8%.

Boeing Co gained 9.2 per cent, the biggest boost to the Dow Jones index, on hopes of a pickup in air travel a day after American Airlines Group Inc and United Airlines said they would boost their US flight schedule next month. That's up from only 20% in April, as demand for travel inches back toward normal amid the pandemic.

Charles Schwab Corp. rose 5.5% after it said antitrust regulators won't block its acquisition of TD Ameritrade.

But the European Central Bank also warned it expects the region's economy to shrink 8.7% this year due to the pandemic.

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The S&P 500 is now down less than 6% from its record set in February after being down almost 34% earlier this year when recession worries were peaking.

Many professional investors have been warning that the stock market's rally may have been too much, too soon.

The yield on the 10-year Treasury rose to 0.82% from 0.81% late Thursday after rising decisively during the day. Meanwhile, investors continue to keep an eye out for any signs that the reopening of the economy is leading to a resurgence in COVID-19 cases.

Markets got some traction from hopes for more monetary and government stimulus as the European Central Bank announced a commitment to buying 600 billion euros ($680 billion) more of bonds, almost doubling its asset purchasing program.

Asian stocks were stronger. Hong Kong's Hang Seng was up 1.3% at 24,315.99, while the Shanghai Composite added 0.2% to 2,926.59.

Benchmark U.S. crude added 98 cents to $37.79 a barrel. Brent crude oil for August delivery gained 65 cents to $40.22 a barrel.

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